Bitcoin is sinking on a report China is going to shut down exchanges
Sep 8, 2017, 20:52 IST
Bitcoin is down 5.68% at $4,376 a coin following a Caixin report suggesting the China is going to shut down domestic exchanges.
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Two of China's largest bitcoin exchanges, Okcoin and Huobi, say they haven't received any such notices, according to a tweet from Bloomberg's Lulu Yilun Chen.
On Monday, Beijing announced it was banning initial coin offerings, a cryptocurrency-based fundraising method. In February, China blocked customers from withdrawing their bitcoin. They were eventually allowed to resume withdrawals in June.
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The news is weighing on other cryptocurrencies as well. Ethereum is is down 8.74% at $306 a token and bitcoin cash is weaker by 9.28% at $607 a coin.
Bitcoin is up 355% in 2017.
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