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Bitcoin price slides as officials inspect local exchange

By Bloomberg | China Daily | Updated: 2017-01-13 07:07

Bitcoin tumbled to a one-month low on worries that Chinese authorities are going to tighten their oversight of the digital currency.

The price of bitcoin dropped to $759.6 on Thursday, the lowest since Dec 7, after a decline of as much as 16 percent in the previous session. It was trading down 1.6 percent as of 11:50 am in Hong Kong, according to data compiled by Bloomberg. The cryptocurrency hit an all-time high of $1,161.89 on Jan 5.

Bitcoin price slides as officials inspect local exchange

Officials with the Shanghai branch of the People's Bank of China and the city's finance office conducted an on-site inspection at the BTCC online bitcoin exchange, according to a statement from the PBOC, looking for evidence of violations, such as market manipulation or money laundering, and assessing the safety of customer funds.

Bitcoin price slides as officials inspect local exchange

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