Bitcoin Tumbles after A Chinese Exchange halts Trading

Bitcoin price fell over 8 percent on Thursday after one of the largest online exchanges in China said it would stop its operation.

“After carefully considering the announcement published by Chinese regulators on 09/04, BTCChina Exchange will stop all trading on 09/30.” BTCChina Exchange said it in a tweet on Thursday. BTCChina is one of largest bitcoin trading platforms in China and it also operates an international exchange out of Hong Kong

Bitcoin price fell over 8.1 percent to $3560.41 on Thursday, according to the CoinDesk. The cryptocurrency has slumped about 40 percent since it reached its all-time high of over $5000 earlier this month.

China’s regulators plan to tighten the digital currency activities in China. On September 4, the People's Bank of China (PBoC) announced to ban initial coin offerings (ICOs) in China.

On Wednesday, JPMorgan CEO Jamie Dimon called the cryptocurrency a “fraud”, which also send the cryptocurrency market slumped. The total market cap is now about $121 billion, far below its peak of about 180 billion.

"It's just not a real thing, eventually it will be closed," Dimon said Tuesday at the Delivering Alpha conference presented by CNBC and Institutional Investor.

Leave a Comment