Topic: [2017-09-11] Bitcoin price falls again on reports that China is shutting down... (Read 1997 times)

Bitcoin price falls again on reports that China is shutting down local exchanges

Bitcoin price falls on reports of further Chinese regulation   Bitcoin price falls on reports of further Chinese regulation 
15 Hours Ago | 00:45
China's clampdown on cryptocurrencies has reportedly taken a new direction – to close down local bitcoin exchanges.

Initial reports from Chinese media that the government plans to close down domestic cryptocurrency exchanges have seen the virtual coin shed more than $100 since Friday. Bloomberg and the Wall Street Journal also reported Monday that that the country is planning to shut down digital currency exchanges.

Bitcoin sunk to a low of $4,241 in late trading in the U.K. Friday, and reached a low of $4,108 on Monday, according to Coindesk data.

It climbed to a record high of $5,000 dollars a little over a week ago, and has shot up by nearly 350 percent since the start of the year.

The latest reported crackdown follows a decision by Chinese regulators – including the People's Bank of China (PBOC) – to ban initial coin offerings (ICOs). ICOs are a means of raising funds by selling off new digital tokens. A crackdown on ICOs would not affect the original cryptocurrency directly, but bitcoin still dropped more than $1,000 over a period of three days.

China's latest move to shut down local exchanges would mark a new direction for the country in its efforts to regulate the market.

full: https://www.cnbc.com/2017/09/11/bitcoin-price-falls-on-reports-that-china-is-closing-local-exchanges.html