Bitcoin's price tanks after report China may shut down exchanges
Bitcoin tanks after China reportedly plans further crackdown Bitcoin tanks after China reportedly plans further crackdown
The price of bitcoin fell sharply after a report China's regulators are planning a further crackdown on the digital currency.
Local outlet Caixin is reporting the Asian country is planning to shut down local bitcoin exchanges, according to a Google translation.
Bitcoin's price fell 7 percent Friday after the news, according to Coindesk market data.
On Monday, Chinese regulators announced a ban on organizations from raising funds using initial coin offerings (ICOs), which sparked a $200 decline in the price of bitcoin.