Bitcoin price crashes below $3,500 amid China cryptocurrency exchange shut down


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The evaluate of bitcoin has crashed amid a crackdown by China

The digital currency mow down below $3,500 on Thursday, with the value to around $3,469 in news that Chinese exchange BTCC will cease profession at the end of September.

Bitcoin’s price has now lost around $1,500 since the start of the month when the assess came within touching distance of $5,000.

It comes as speculation the Chinese superintendence is launching a crackdown on exchanges turns into action by the authorities.

BTCC is one of the largest switches in China but today announced it would stop accepting new customers with instant effect.

Beijing has already decided to ban initial coin offerings, which are familiar to raise funds with new digital tokens.

The two moves mark a clampdown on cryptocurrency in the creation’s second largest economy.

And this has prompted traders to sell off bitcoin — the value has also been hit by recent comments from JP Morgan boss Jamie Dimon, who roused bitcoin a fraud.

Chinese authorities are reportedly worried about the investment jeopardies of bitcoin.

Naeem Aslam, chief retail analyst at Think Markets, said: «China’s plan to shut down the familial bitcoin exchanges has taken a lot of wind out of bitcoin.

«The PBOC has prepared a letter of credit which would ban the Chinese platforms from offering bitcoin trading- a grim blow for bitcoin.

«Remember, Asia has massively influenced the demand for bitcoin.

«The cloud over geopolitical tensions are also impacting the bitcoin price.

«As a result of all the unenthusiastic news, traders have taken some profit off the table and the cryptocurrency indigent the $4000 mark for the first time since it touched the €5000 even.
Other countries have also moved to regulate the market.

Australia recently proposed new measures targeting criminal use of the cryptocurrency and strengthened the Anti-Money Laundering And Marker Terrorism Financing Act.

However, some experts indicated the bitcoin price could bounce back.

It comes after underwear entrepreneur  
«Blockchain technology and cryptocurrencies be suffering with the potential to sweep away all of today’s incumbent financial institutions.»

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