Bitcoin value plummets after China orders trading in currency to cease
The virtual currency, which emerged in the aftermath of the 2008 financial crisis, fell as low as $2,972 on Friday – a drop of 40% from a high of $5,000 earlier this month - before recovering to about $3,600 in the afternoon.
The drop came after Beijing ordered cryptocurrency exchanges to stop trading and block new registrations, due to fears that increasing number of consumers piling into the market could prompt wider financial problems.
“All trading exchanges must by midnight of 15 September publish a notice to make clear when they will stop all cryptocurrency trading and announce a stop to new user registrations,” the government notice said, according to Chinese state newspaper Securities Times.
BTCChina, one of the biggest Chinese exchanges, said on Thursday it would stop all trading by 30 September. It was followed by a series of other exchanges, including OkCoin and Huobi, announcing closures on Friday.
Full story at http://bit.ly/2xciC7D
Source: The Guardian
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Upvoted! Resteemed!
i will support you with comment and resteem. but so sorry, i dont have a lot of steempower
Yeah! Good work
resteemed
I am just learning about all of this and this is interesting. Will it stick?
Just a temporary drop. Price will rise again.
It seems that way. I am just learning about all of that and your articles are helpful for sure. Thank you for that!!
This stuff with China is getting ridiculous