Bitcoin sunk on a report China is going to shut down exchanges

Jack Guez/ AFP/ Getty Images

Bitcoin was down 5.68% at $US4,376 a coin yesterday following a Caixin report suggesting the China is going to shut down domestic exchanges.

Two of China’s largest bitcoin exchanges, Okcoin and Huobi, say they haven’t received any such notices, according to a tweet from Bloomberg’s Lulu Yilun Chen.

On Monday, Beijing announced it was banning initial coin offerings, a cryptocurrency-based fundraising method. In February, China blocked customers from withdrawing their bitcoin. They were eventually allowed to resume withdrawals in June.

The news is weighing on other cryptocurrencies as well. Ethereum is is down 8.74% at $US306 a token and bitcoin cash is weaker by 9.28% at $US607 a coin.

Bitcoin is up 355% in 2017.

Get the latest Bitcoin price here.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at