The Summer of Bitcoin Ends Badly
- Traders whipsawed as details of restrictions trickle out
- Exchange order follows ban on initial coin offerings
Bitcoin Falls as Chinese Exchange Cracks Down
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Bitcoin’s meteoric summertime surge risks coming to a painful end as Chinese policy makers move to restrict trading amid growing warnings of a market bubble.
The biggest cryptocurrency dropped as much as 40 percent since reaching a record high of $4,921 on Sept. 1, cutting about $20 billion in market value. The collapse extended to as much as 30 percent this week since China began sending stronger signals of a clampdown on Sept. 8, making this the biggest five-day decline since January 2015, when it traded at around $200.