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Bitcoin Crashes Again After China Moves to Halt Exchange

  • Cryptocurrency has tumbled 28% this week amid crackdown
  • Exchange order follows ban on initial coin offerings
Bloomberg business news

Bitcoin Falls Amid China Cryptocurrency Crackdown

Updated on

Bitcoin tumbled, heading for its worst week since January 2015, after people familiar with the matter said China aims to stop exchange trading of cryptocurrencies by the end of September.

Regional Chinese regulators were notified of the timeline by a central bank-led group overseeing Internet finance risks, said the people, who asked not to be named because the information is private. Bitcoin dropped 9.3 percent to $3,077.55 at 9:22 a.m. in London, extending this week’s decline to 28 percent.