Bitcoin plummets by 20% as China orders shutdown

Beijing Sets Deadlines for Bitcoin Exchanges- Customers to Withdraw Funds Quickly

Regulation 6 hours ago | By Kevin Helms

"After carefully considering the announcement published by Chinese regulators on 09/04, BTCChina Exchange will stop all trading on 09/30". Bitcoin lost a massive $1,000 in value since the beginning of September when its price was close to breaking a new record of $5,000. BTC China, the second largest exchange in China, announced that as to today, it will no longer accept new user registrations. The digital currency is now trading at US$3,050, a 27% drop since the beginning of the week.

This week JPMorgan chief executive Jamie Dimon branded Bitcoin a "fraud" and said it was set to "blow up". It is certainly possible other Chinese Bitcoin exchanges will make similar announcements in the coming days, but for now, nothing has been confirmed.

The rumors started spreading after the People's Bank of China banned initial coin offerings (ICO), outlawing the practice of creating and selling cryptocurrency to investors to finance start-up projects.

"We will stop all trades on the digital trading platform starting September 30", it said.

The price of a single bitcoin BTCUSD, -10.12% tumbled almost 8% on Thursday to $3,565, and has fallen nine of the last 13 days.

Li Lihui of the National Internet Finance Association of China, who previously served as the president of the Bank of China, also urged global regulators to work together to tightly supervise cryptocurrencies. I've heard the argument that China is not closing the exchanges permanently, but suspending them until tighter oversight is implemented.

At last, it was made public by several mainland China-based bitcoin exchanges that new policy will see renminbi disallowed on exchanges.

Bitcoin's meteoric summertime surge risks coming to a painful end as Chinese policy makers move to restrict trading amid growing warnings of a market bubble. Yunbi, another cryptocurrency exchange, also announced it would shut its trading operations on Friday, according to CoinDesk, the cryptocurrency news site.

However, there is much speculation that the Chinese government will establish a licensing process for cryptocurrency exchanges, with one theory being that OKCoin and Huobi will receive licenses before or shortly after their suspensions take effect.

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