Bitcoin tumbles after first of China’s exchanges announces suspension of trading
Move comes amid reports that regulators ordered all exchanges to be shut down
Top Chinese Bitcoin exchange BTCC announced Thursday they will suspend trading by the end of the month, after “careful consideration” of an announcement published by regulators earlier this month.
1/ After carefully considering the announcement published by Chinese regulators on 09/04, BTCChina Exchange will stop all trading on 09/30.
— BTCC (@YourBTCC) September 14, 2017
The move comes after reports late last week that authorities were ordering all Chinese exchanges to suspend trading, sending the cryptocurrency into a slide. Yuan-denominated Bitcoin plummeted again this week after the BTCC decision by as much as 35%.
TechCrunch is reporting, citing confirmation from two sources, that authorities have visited a number of top exchanges to instruct that they cease trading, but that a hard deadline has not been given.