Money Bitcoin is sinking on a report China is going to shut down exchanges

05:45  11 september  2017
05:45  11 september  2017 Source:   Business Insider Australia

Bitcoin price drops $200 after new ruling from Chinese regulators

  Bitcoin price drops $200 after new ruling from Chinese regulators The price of bitcoin fell sharply after Chinese regulators announced a ban on organizations from raising funds using initial coin offerings (ICOs). ICOs allow start-ups to raise investment by selling new cryptocurrencies, which are similar to bitcoin, in return for cash. However, the People's Bank of China says this practice, which has become popular around the world as well as in China, constitutes illegal fundraising. Despite bitcoin's price falling, some expect this move to be shortlived.

A meteorologist says climate change will make it more expensive to fly – and it’s all because of turbulence. Home Finance Bitcoin is sinking on a report China Bitcoin is down 5.68% at ,376 a coin following a Caixin report suggesting the China is going to shut down domestic exchanges .

WhatsApp/span>. Bitcoin is down 5.68% at $US4,376 a coin following a Caixin report suggesting the China is going to shut down domestic exchanges . Two of China ’s largest bitcoin exchanges , Okcoin and Huobi, say they haven’t received any such notices

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Bitcoin is down 5.68% at $US4,376 a coin following a Caixin report suggesting the China is going to shut down domestic exchanges.

Two of China's largest bitcoin exchanges, Okcoin and Huobi, say they haven't received any such notices, according to a tweet from Bloomberg's Lulu Yilun Chen.

On Monday, Beijing announced it was banning initial coin offerings, a cryptocurrency-based fundraising method. In February, China blocked customers from withdrawing their bitcoin. They were eventually allowed to resume withdrawals in June.

The news is weighing on other cryptocurrencies as well. Ethereum is is down 8.74% at $US306 a token and bitcoin cash is weaker by 9.28% at $US607 a coin.

Bitcoin is up 355% in 2017.

Get the latest Bitcoin price here.

Swiss shut down 'fake' E-Coin in latest cryptocurrency crackdown .
Switzerland's financial watchdog has closed down what it said was the provider of a fake cryptocurrency and is investigating around a dozen other possible fraud cases, in the latest clamp-down on the risks involving virtual money. The move by the FINMA watchdog comes on the heels of Chinese authorities' ordering Beijing-based cryptocurrency exchanges to stop trading and immediately notify users of their closure.Virtual currencies such as Bitcoin, which are issued and usually controlled by their developers and not backed by a central bank, are hailed by their supporters as a fast and efficient way of managing money.

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