Bitcoin prices topped $5,013 earlier this month but were trading at around $3,600 early Thursday, down more than 28 percent from their peak.
Earlier this month, the Chinese central bank prohibited the controversial fundraising method, urging the termination of current campaigns and imposing companies that raised funds through ICOs to refund investors.
ICOs has fueled the fast ascent in the value of all cryptocurrencies, from about $17-B at the start of the year, to a record high close to $180-B at the beginning of September. However, according to Yicai, on September 13th, the China Internet Finance Association issued a risk warning, saying that all of the so-called " virtual currency" trading platform in China lacks a legal basis. China had become a major market for Bitcoin, so a government crackdown there can be expected to have a big impact on its price.
At last, it was made public by several mainland China-based bitcoin exchanges that new policy will see renminbi disallowed on exchanges. The restrictions will reportedly only apply to trading on exchanges, not over-the-counter transactions.
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This week JPMorgan chief executive Jamie Dimon branded Bitcoin a "fraud" and said it was set to "blow up". BTC China has also stopped registering new users, it said in a statement posted on social media.
The exchange said it was acting "in the spirit of" a People's Bank of China ban last week on initial coin offerings, but gave no indication it received a direct order to close.
Jerome Rousselot of blockchain micro-finance startup Jita Ltd. explained that this is the second time China is acting on digital currencies.
He added there should be a distinction between digital currencies, which were being studied and developed by authorities such as the Chinese central bank, and digital "tokens" such as bitcoin, which Li said were stateless and did not have sovereign support. The U.K. Financial Conduct Authority, the country's top regulator, warned this week that investors in the virtual currency should be "prepared to lose your entire stake".