Newsflash: Bitcoin Price Falls to 30-Day Low Below $,3500 amid China Crackdown

Bitcoin price felt the impact of developments in China’s markets as Shanghai-based exchange BTCC announced the closure of operations come September 30.

The price of bitcoin fell to a global average low of $3,493 on the day, undoubtedly influenced by efforts by Chinese authorities to enforce a wide clampdown on domestic trading activity. In statements on social media, Shanghai-based BTCC – the world’s oldest bitcoin exchange announced it would stop ‘all trading’ activity on its regional platform at the end of the month.

According to data, the trading value of bitcoin at BTCC sunk to CNY16,000 (approx. $2,440) before rebounding toward CNY20,000 (approx. $3,050).

BTC/CNY trading on OKCoin and Huobi – two of China’s other ‘big three’ exchanges – fell to lows of CNY20,011 (approx. $3,050) and CNY19,597 (approx. $2,989) respectively. The downturn in markets sees bitcoin trading at an average of $3,100 at the time of publishing, a near $350 spread from global markets.

On Bitfinex, BTC/USD trading slumped to $3,413, the lowest level for the cryptocurrency in a month.

Data from CoinmarketCap reveals prices down 10% on the day with a majority of trading pointing to a marked sell-off in China, US-based markets, Korea and Japan.

Featured image from Shutterstock.