Bitcoin Extends Loss After China’s Central Bank Warns Investors
- PBOC officials tell bitcoin platform to rectify issues
- Bitcoin surged 120% in 2016 as yuan depreciation quickened
QuickTake: Bitcoin and the Blockchain
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Bitcoin extended Friday’s tumble amid concern China will tighten rules on the digital currency to curb capital outflows.
The cryptocurrency slid 1.4 percent to $888 at 5:43 p.m. in Hong Kong, after falling as much as 10 percent on Friday. The People’s Bank of China’s Shanghai branch said in a statement late Friday that its officials, along with the city’s financial office, asked bitcoin trading platform BTCChina.com to conduct self-checks and rectify any problems. The State Administration of Foreign Exchange has scrutinized some major bitcoin exchanges, possibly to investigate the use of the digital asset to evade capital controls, QQ.com reported.