Bitcoin Drops Over $500 As China Cracks Down On Digital Currency

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The price of bitcoin fell more than $500 today as market turmoil continues in the aftermath of Chinese exchange BTCC’s trading stoppage announcement.

Shanghai-based BTCC announced that it would would cease offering trading services on September 30, citing statements issued earlier this month by the People’s Bank of China and other regulatory bodies in the country. BTCC’s move came just a day after China-based BitKan announced that it would halt its over-the-counter (OTC) trading offering.

The new move downward comes hours after bitcoin’s price fell below $3,500, falling below the 50-day moving average for the first time since July 20. Read more here.



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