Bitcoin Crashes After Chinese Exchange Says It Will Halt Trading
- Price decline extends for a fifth day amid Chinese actions
- BTC China says decision follows outlawing of coin offerings
Bitcoin Falls Amid China Cryptocurrency Crackdown
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Bitcoin fell for a fifth day, the longest losing streak in more than a year, after one of China’s largest online exchanges said it would stop handling trades by the end of the month amid a government crackdown on cryptocurrencies.
BTC China will immediately stop accepting new account registrations on its BTCChina Exchange, Chief Executive Bobby Lee said Thursday in a tweet. The decision was made after “carefully considering” the Sept. 4 announcement by Chinese regulators that outlawed initial coin offerings, he said.