Bitcoin shaked immediately after Chinese btc exchange BTC, China announced that it will stop all trading from September 30.
The latest bitcoin price chart show that the cryptocurrency dipped below $3,500 today amid fears the Chinese government breaking down on exchanges.
Bitcoin China, one of China’s largest bitcoin trading platforms, will stop registration of new users of btc on Thursday due to the crackdown by regulators.
“We will stop all trades on the digital trading platform starting Sept. 30,” it said on its official blog.
Bitcoin China said its decision was based on a Sept 4 directive from Chinese authorities that expressed concern over investment risks involved in cryptocurrencies and which ordered a ban out on all initial coin offerings
The BTC trading platform tweeted: “After carefully considering the announcement published by Chinese regulators on 09/04, Bitcoin China Exchange will stop all trading of btc on 09/30.”
Media reported this week, citing sources, that China goverment planned to further ban exchanges of all coins that allowed virtual currency trading but the regulator has yet to make an announcement.
The regulators’ breakdowns was sparked by fears that Chinese investors were speculatively piling into cryptocurrencies trading.
Last week CHINA they banned the practice of creating and selling digital currencies or tokens to investors Of btc to finance start - up projects.
Bitcoin has fallen $1,000 since the start of the month amid speculation the Chinese government is launching a crack on exchanges of the coins.
The price shake today came after JPMorgan Chase CEO slammed bitcoin as a dangerous ‘fraud’ that will ultimately blow up and said he would fire out anyone who trading BTC because it was against their rules, regualtions, laws and 'stupid'.