China's bitcoin crackdown forces exchanges to close. The price is crashing

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China's bitcoin crackdown forces exchanges to close. The price is crashing

The biggest cryptocurrency dropped as much as 40 percent since reaching a record high of $4,921 on September 1, cutting about $20 billion in market value.

On the plus side, with the Bitcoin bull market being thrown into reverse, the price of graphics cards should descend to normality.

"The overall share of Chinese exchanges has been diminishing steadily", said Thomas Glucksmann, marketing manager for the Hong Kong-based Bitcoin exchange Gatecoin.

China accounts for about 23 percent of bitcoin trades and is also home to numerous world's biggest bitcoin miners, who use vast amounts of computing power to confirm transactions in the digital currency.

Digital currencies are being developed by authorities such as the Chinese central bank, while tokens were stateless and did not have sovereign support. BTC China said it would close its doors on September 30, citing new rules from Chinese regulators. Blockchain Intelligence Group estimates that illegal transactions account for roughly 20 percent of total bitcoin volume.

The price of bitcoin plummeted another 9 percent Thursday, while rival currency ether dropped 12 percent. Bitcoin price dropped from its all-time-high of $5,000 to today's price of above $3,000, a staggering drop of 38.78%. Earlier today, BTCC confirmed most people's worst fears, as they will effectively halt Bitcoin trading starting on September 30th. Surely then, there is value in creating a bitcoin, he added. Any Chinese investors have until the end of the month to get their money out of exchanges.

Charlie Lee, the creator litecoin, another cryptocurrency, tweeted last night that OKCoin and Huobi, another leading cryptocurrency exchange, were set to meet with regulators on Friday.

On Wednesday, JPMorgan CEO Jamie Dimon called the cryptocurrency a "fraud", which also send the cryptocurrency market slumped. On Chinese selling platforms, the decline was even more radical.

Representatives from Huobi and OKCoin did not respond to requests for comment at press time.

"Digital tokens like bitcoin, ethereum that are stateless, do not have sovereign endorsement, a qualified issuing body or a country's trust, are not legal currencies and should not be spoken of as digital currencies", he said.

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