Published: Thu, September 14, 2017
Markets | By Noel Gibbs

Bitcoin is tumbling after Chinese regulators say an exchange ban is certain

Bitcoin is tumbling after Chinese regulators say an exchange ban is certain

The cryptocurrency traded at $3,601.40 at 7:58 a.m.in NY, far below an all-time high of $5,013.91 set earlier this month.

The country's first and amongst the largest bitcoin exchanges, BTC China on Thursday said it no longer accepted new account registrations and would stop trading on its platform by the end of the month.

But that has prompted regulators in the country to crack down on the cryptocurrency sector, in a bid to stamp out potential financial risks as consumers pile into a highly risky and speculative market that has seen unprecedented growth this year.

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BTC China said in a tweet Thursday it will close down its operations by September 30 as Chinese authorities crack down on cryptocurrencies. Most cryptocurrencies have declined significantly in value since.

On U.S. exchange Bitstamp, it slid as much as 10 percent to a five-week low of $3,426.92, having hit a record high of almost $5,000 on September 2.

Following the decision, the National Internet Finance Association of China said Wednesday that there was "no legal basis for platforms which engage in the trading of various forms of "virtual currencies".

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The ban, though, did not prevent local investors from participating in ICOs outside of China.

Additionally, earlier this week, JPMorgan CEO Jamie Dimon said it was a "fraud" that would eventually blow up.

Bitcoin was trading 11.17 per cent lower at $3,441.47 at the time of writing, according to CoinDesk's index - the cryptocurrency's lowest price in more than a month.

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The crypto-currency sank late Thursday.

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