Investing.com – Bitcoin is on track for its biggest one-day decline in more than 6-months, as investors flee cryptocurrencies after Chinese bitcoin exchange BTCChina said on Thursday it would cease trading from Sept. 30
On the U.S.-based Bitfinex exchange, bitcoin fell to $3350, down $526.8 or 13.68%. Bitcoin is more than 30% below its recent peak of $4,969. At current prices Bitcoin has a market cap of $55 billion.
China-based Bitcoin exchange BTCChina announced that it would cease offering trading services on September 30, citing statements issued earlier this month by the People's Bank of China and other regulatory bodies in the country.
The sharp selloffs in Bitcoin follows an earlier selloff after China-based BitKan announced that it would halt its over-the-counter (OTC) trading offering.
The cryptocurrency exodus saw the prices of both Ethereum and Bitcoin Cash fall sharply.
Bitcoin Cash fell $90.94, or 18.06%, to $412.63, while Ethereum fell 16.29% to $230.12.