Bitcoin is sinking on a report China is going to shut down exchanges

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An attendant holds a bitcoin sign during the opening of Hong Kong’s first bitcoin retail store
source
REUTERS/Bobby Yip

Bitcoin is down 5.68% at $4,376 a coin following a Caixin report suggesting the China is going to shut down domestic exchanges.

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.

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.

Bitcoin

source
Markets Insider