The price of Bitcoin has risen massively over the last few months, and one point it was up to $1242 back in November, unfortunately the value of the digital currency dropped significantly this morning to around $455, it was at $750.86 earlier today.
BTC China, which is China’s largest Bitcoin exchanged announced that they can no longer accept new deposits of money because of a new law in China.
China has banned third party payment providers like Yeepay, which BTC uses from using Bitcoin, which means that BTC can no longer accept payment to purchase Bitcoins.
Bitcoin has become very popular in China, and with the largest exchange no longer able to accept payments, this has lead to the price of the currency falling, people are still able to withdraw funds from BTC.
It looks like the price of Bitcoin has risen slightly, as at the time of writing this article it is trading at around the $540 mark.
Source The Guardian
Image Credit George Frey/Bloomberg