The price of Bitcoin and almost all other cryptocurrencies has dropped sharply in the last couple of days.
Founded in June 2011, Bitcoin China was the first Bitcoin transaction platform in China and is now the first to be shut down.
The regulatory crackdown in China against cryptocurrency trading platforms is happening once again.
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Bitcoin and other cryptocurrencies have been falling since the beginning of September when China's PBOC banned the issuance of new digital tokens for fundraising purposes, a relatively new phenom known as ICOs (initial coin offerings).
Chinese regulators have shut down bitcoin exchanges, leaving the future of digital currencies in China up in the air and sending the price of bitcoin and ether tumbling.
Bitcoin is increasingly in the spotlight around the world.
Interest in China in bitcoin surged past year after the price rose. The central bank has announced that Chinese companies will no longer be allowed to issue units of electronic currency to lift funds.
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At the time of writing, Ethereum is down 11.73% at $237.17, slightly above its intraday low $222.28, with investors continuing to face the first real test as regulators look to take control of what had nearly become a runaway train.
Bitcoin tumbled immediately after Chinese bitcoin exchange BTCChina announced that it will stop all trading from September 30. Although none of the major platforms received any official notice, the Bitcoin price remained rather shaky and eventually continue to move downward despite some buy support at key levels. Should this happen, bitcoin production worldwide may change substantially, and the overall effect on the price of the currency is somewhat hard to say. Glucksmann said much of the bitcoin community had been concerned about the increased level of scrutiny in China and had been moving their assets out of the country.
The information coming from China paints a bleak picture.
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