Deposit Freeze at Chinese Exchanges Drives Bitcoin Price down

bitcoin pricedrop after chinese exchange bank account freeze

Deposit Freeze at Chinese Exchanges Drives Bitcoin Price Below $400

The price of bitcoin fell below $400 for the first time since November 2013 on 10th April, as major China based bitcoin exchanges began reporting that they had received notice that their bank accounts would be shut down by banking partners.

The initial drop occurred following an announcement from Chinese exchange BTCTrade.com, which was then corroborated by similar statements from Huobi and BTC100.org.

The price of bitcoin has fallen rapidly in recent weeks, after rumors surfaced on 27th March that suggested the PBOC, China’s central bank, would be looking to more tightly enforce restrictions it passed in December meant to ensure a separation between its nationalized banking system and the nascent digital currency industry.

Though no official announcement of the new policy has been made, the statements from major exchanges suggest that the rumored 15th April deadline for the enforcement of this stricter rule interpretation is being enforced.

Deposit Freeze at Chinese Exchanges Forces Bitcoin Prices Down

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