Bitcoin price PLUNGES as China ‘prepares cryptocurrency crackdown’

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bitcoin price september 2017GETTY

Bitcoin’s cost has dropped after the latest reports of a crackdown in China

The digital currency is now play a waiting game at around $4,175 and has shed some $800 since the start of the month when the penalty came within touching distance of $5,000.

Speculation is rife the Chinese regime is launching a crackdown on exchanges, prompting traders to sell off the cryptocurrency.

And it terminates after China decided to ban initial coin offerings, which are employed to raise funds with new digital tokens.

The two moves signal a evident hostility towards bitcoin and cryptocurrency in the world’s second largest terseness.

Other countries have also moved to regulate the market.

Australia recently introduced new measures targeting criminal use of the cryptocurrency and buttressed the Anti-Money Laundering And Counter Terrorism Financing Act.

Minister for Justice Michael Keenan revealed: «Stopping the movement of money to criminals and terrorists is a vital part of our resident security defences and we expect regulated businesses in Australia to comply with our full regime.

«The threat of serious financial crime is constantly evolving, as new technologies issue and criminals seek to nefariously exploit them.

«These measures certify there is nowhere for criminals to hide.»

The latest move by China is now another tightening of the deal in. 

Charles Hayter, chief superintendent and founder of digital currency comparison website Crypto Compare, recognized CNBC: «The Chinese market has been perhaps the most virulently vigorous in terms of its irrational excesses and across the world regulators are looking to inchmeal turn up the regulatory heat on this ICO phenomenon.»

However, the adoption of bitcoin by a gang of celebrities has helped the cryptocurrency into the mainstream.

Underwear entrepreneur Michelle Mone rearmost week announced the launch of £250million luxury property situation in Dubai, priced in bitcoin.

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