Bitcoin price PLUNGES as China ‘prepares cryptocurrency crackdown

THE bitcoin price has tumbled further amid rumours that China is set to close down local cryptocurrency exchanges
The digital currency is now sitting at around $7,175 and has shed some $800 since the start of the month when the price came within touching distance of $5,000.

Speculation is rife the Chinese government is launching a crackdown on exchanges, prompting traders to sell off the cryptocurrency.

And it comes after China decided to ban initial coin offerings, which are used to raise funds with new digital tokens.

The two moves signal a marked hostility towards bitcoin and cryptocurrency in the world's second largest economy.

Other countries have also moved to regulate the market.