Bitcoin is tumbling after Chinese regulators say an exchange ban is certain

Bitcoin continued to tumble Thursday after reports in Chinese media showed the country's regulators were moving closer to shutting down exchanges.

Reports from Bloomberg and the Wall Street Journal on Monday first indicated that China planned to ban trading of bitcoin and other virtual currencies on its exchanges.

According to Bloomberg's Lulu Yilun Chen, China Business News reported that the city of Shanghai has verbally halted bitcoin exchanges. The website Crypto Coins News further cited a local newsletter that said banning bitcoin exchanges was "certain."

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Bitcoin was down by about 6.6% to $3634.82 per dollar at 8:13 a.m. ET. It fell earlier this week after JPMorgan CEO Jamie Dimon said it was a fraud.

The cryptocurrency has surged nearly 300% this year.

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