Bitcoin price (BTC/USD) near key $3000 level as cryptocurrency slump continues

Prior to that, one of China's largest cryptocurrency exchanges, BTCChina, said it would stop trading on 30 September following an order it had received from the authorities. Something tells us that the Chinese government is going to find itself on the receiving end of a law suit.

The regulators' crackdown was sparked by fears that Chinese investors were speculatively piling into cryptocurrencies.

BTCChina is not the only means to trade Bitcoin in the country, but Business Insider said that Shanghai has ordered the closure of all Bitcoin trading platforms and that a complete ban was "certain".

The communist nation plans to ban trading of bitcoin and other virtual currencies on domestic exchanges, Bloomberg reported Monday. Bitcoin can be converted to cash when deposited into accounts at prices set in online trading. Beijing started early in 2017 to tighten the grip on bitcoin selling platforms by limiting payments.

Mr. Dimon's warning triggered a further 11% fall in the price of Bitcoin, which had already lost around 15% of its value in 10 days.

Erdoğan urges Muslim countries to help Rohingya
Successive regimes have historically discriminated against them even though many have lived for generations in Rakhine state. India remains deeply concerned about the situation in Rakhine State in Myanmar and the outflow of refugees from that region.

"We could not determine the volume of bitcoin being generated", said Director of Strategic Threat Development at Recorded Future, Priscilla Moriuchi.

Currently, according to CoinDesk's numbers, Bitcoin is trading at $3,360.

The new move downward comes hours after bitcoin's price fell below $3,500, falling below the 50-day moving average for the first time since July 20. Chamber of Digital Commerce chairman Matt Rozak seems convinced that BTC China will reverse its decision, perhaps before the new year kicks off. The contributions, which had grown with the increase of the other crypto-currencies including bitcoin, are barred and should stop with immediate effect, the People's Bank of China claimed to the media this week. The real reason is believed to be BTCC's recently launched cryptocurrency ICO platform, shut-down of which made the parent company undergo some changes as well.

Despite the sudden doom-and-gloom attitude towards Bitcoin, the current crash is likely just a blip in long term outlook for the currency.

Bitcoin is little more than a "fraud" which will eventually blow up in the faces of traders, according to JPMorgan Chase CEO Jamie Dimon.


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