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Bitcoin Price Slides as Chinese Officials Inspect Local Exchange

  • Tightening of oversight could put lid on local consumer demand
  • Digital currency was seen as haven from curbs placed on yuan
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QuickTake: Bitcoin and the Blockchain

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Bitcoin tumbled to a one-month low on worries that Chinese authorities are going to tighten their oversight of the digital currency.

The price of bitcoin dropped to $752.5 on Thursday, the lowest since Dec. 7, after a decline of as much as 16 percent in the previous session. It was trading down 2.6 percent as of 6:46 p.m. in Hong Kong, according to data compiled by Bloomberg. The cryptocurrency hit an all-time high of $1,161.89 on Jan. 5.