China has the largest bitcoin Trading platform in the world. They are the cause to the fall in price of BItcoin.
Bitcoin tumbled immediately after Chinese bitcoin exchange BTCChina announced that it will stop all trading from September 30.
The latest bitcoin price chart show that the cryptocurrency dipped below $3,500 today amid fears the Chinese government cracking down on exchanges.
BTCChina, one of China’s largest bitcoin trading platforms, will stop registration of new users on Thursday due to the crackdown by regulators.
“We will stop all trades on the digital trading platform starting Sept. 30,” it said on its official microblog.
The price of BTC as at now is $3046. Forecast says that it might drop to $2500 by the end of September.