Digital currency Bitcoin continues to fall against the dollar on Friday, briefly dipping below $3,000 per coin.
The cryptocurrency briefly fell below the symbolically significant level around lunchtime in London, dropping below $3,000 per coin for the first time in over a month. A crackdown on trading in China is the cause of the fall, with Reuters reporting that exchanges have been ordered to stop signing up new users and announce a trading halt.
At 1.17 p.m. BST (8.17 a.m. ET), Bitcoin is down 1.8% against the dollar to $3,190.06. It represents a solid fight back for the currency — Bitcoin was down as much as 7.8% against the dollar less than an hour earlier. Still, the cryptocurrency has shed over $1,000 in value over the last 7 days.
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Bitcoin began sliding on Thursday after Chinese media reported that the country’s regulators were moving closer to shutting down exchanges. Business Insider first reported that China was looking at a crackdown on all cryptocurrencies after the People’s Bank of China banned “initial coin offerings” at the start of the month.
Things got worse after BTCChina, one of the biggest local exchanges, said it would stop trade at the end of the month. Bloomberg is now reporting that exchanges will be banned by the end of the month. Bitcoin declined 16% against the dollar across the day’s trade.
Regulators around the world have been cracking down on the cryptocurrency space since the start of the month. Chinese, South Korean, Hong Kong, and British regulators have all moved to either ban or reign in activity in the so-called “initial coin offering” space — where startups issue new digital coins to fund projects — and this has dented sector sentiment. The combined value of the crypto space, which includes over 800 digitial currencies, has declined by over $50 billion in the last week, according to CoinMarketCap.com.
The Financial Times reports that Bitcoin is now on its longest losing streak in a year and it is at a one-month low against the dollar.
Elsewhere in the crypto space, Ethereum, the second largest cryptocurrency by market value, is down 0.21% against the dollar in early trade. Bitcoin Cash, which was spun off from Bitcoin at the start of last month, is down 1.4% against the dollar.
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Den Originalartikel gibt es auf Business Insider UK. Copyright 2017. Und ihr könnt Business Insider UK auf Twitter folgen.
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