China orders bitcoin exchanges to shut down

Tough stand Dimon has warned that he will fire JPMorgan traders who traded in bitcoin ‘in a second. For two reasons It’s against our rules and they’re stupid. And both are dangerous.’ — AFP

The price of Bitcoin dropped more than 10 percent on Thursday, to around $3,500, in the hours after the announcement.

China's clout is not new to bitcoin traders in Korea.

China's oldest cryptocurrency trading platform, said in a tweet that it would cease trading at the end of the month. Two weeks ago, the organization also published a warning about initial coin offerings (ICOs), which are unregulated means to raise funds for a cryptocurrency venture.

Anyone with $1m in bitcoin would have lost more than $363,000 (or £272,000) overnight. Similar to any other currency, bitcoin prices fluctuate depending on supply and demand and a host of other factors.

Ethereum is plunging on Thursday afternoon, trading down over 17% to $228 per token, following reports that Chinese regulators are taking steps to shut down the country's bitcoin exchanges and possibly ban all trading of digital coins. A Chinese business news magazine, Caixin, said at one point up to 90 percent of global trading took place in China.

Bitcoin is plummeting in value as exchanges based in China begin their forced shutdown following changes to regulations introduced by the Chinese government.

Bitcoin has fallen $1,000 since the start of the month amid speculation the Chinese government is launching a crackdown on exchanges.

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The cryptocurrency has slumped as much as 27 per cent since Sept 7.

Mr Dimon told an investor conference in NY that if any of his traders were found trading Bitcoin he would "fire them in a second", and that Bitcoin was "worse than tulips bulbs", referring to a famous market bubble from the 1600s. Without access to domestic bitcoin exchanges any longer, numerous flourishing mining operations in China may close down or switch to other cryptocurrencies as a central focus.

China's regulators plan to tighten the digital currency activities in China.

Jamie Dimon, the current CEO of JPMorgan Chase, recently stated that he believes Bitcoin "is a fraud" and that it would all eventually come crashing down.

Coinmama lets you buy bitcoins with your credit card or cash.

Prices of Ether, a blockchain currency that trades on the Etherium platform, plunged 13% to $240 and is down almost 40% from its peak at $393 on September 1.

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