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Bitcoin’s value tumbles in half after China forces top exchange to stop trading

18
Dec
2013

Chinas largest Bitcoin exchange, BTC China, has stopped taking orders in Chinese currency because of regulatory pressure from the government, which has ordered businesses to stop accepting the virtual currency. Bitcoin, which approximates cash on the internet, was driven to an all-time high of more than $1,000, in part because of demand from China. The move by BTC China sent the price of the virtual currency down more than 50 percent. BTC China will continue taking deposits in other currencies, the company said on the microblogging service Weibo.

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