Bitcoin unexpectedly traded at $29,300 as miners sold 1,400 BTC for $41.2 million in a sell-off.
Prices fell more than 30% in about 30 minutes, according to Bitinfocharts.com, before recovering slightly over the past hour to trade at a 17.4% drop at press time.
The sell-off was likely caused by news that China's central bank has imposed new restrictions on lenders and exchanges in the country that are likely to block merchants' ability to access bitcoin. Chinese country. The People's Bank of China (PBOC) has yet to respond to a request for comment on the matter.
But it's not just China that causes headaches for bitcoin traders today: South Korea's financial regulator has also ordered all banks to stop offering crypto-related services like bitcoin. and ether — the second such move this month after reports that regulators were considering shutting down the local exchange.
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