Bitcoin value FALLS: Why is the price of bitcoin falling?
Bitcoin tumbled immediately after Chinese bitcoin Wall Street BTCChina announced that it will stop all trading from September 30.
The belated bitcoin price chart show that the cryptocurrency dipped underneath $3,500 today amid fears the Chinese government cracking down on arguments.
BTCChina, one of China’s largest bitcoin trading platforms, will block up registration of new users on Thursday due to the crackdown by regulators.
“We will stop all vocations on the digital trading platform starting Sept. 30,” it said on its stiff microblog.
BTCChina said its decision was based on a Sept 4 directive from Chinese powers that expressed concern over investment risks involved in cryptocurrencies and which pecking ordered a ban on initial coin offerings
The bitcoin trading platform tweeted: “After carefully looking at the announcement published by Chinese regulators on 09/04, BTCChina Exchange longing stop all trading on 09/30.”
Media reported this week, citing authorities, that China planned to further ban exchanges that allowed practical currency trading but the regulator has yet to make an announcement.
The regulators’ crackdown was specked by fears that Chinese investors were speculatively piling into cryptocurrencies.
Bitcoin value FALLS: Latest bitcoin price chart
Last week they outlawed the practice of creating and selling digital currencies or tokens to investors to bankroll start-up projects.
Bitcoin has fallen $1,000 since the start of the month midst speculation the Chinese government is launching a crackdown on exchanges.
The price message today came after JPMorgan Chase CEO slammed bitcoin as a ‘defrauder’ that will ultimately blow up and said he would fire anyone profession bitcoin because it was against their rules and ‘stupid’.
«It’s worse than tulip bulbs. It won’t end hearty. Someone is going to get killed,» he said, referring to the tulip mania topple in the 1600s.