Bitcoin slides after China's 3 biggest exchanges say they will keep blocking withdrawals

Bitcoin trades down 2.4% at $US1198 a coin as selling takes hold for a second day. Wednesday’s weakness comes after China’s three largest bitcoin exchanges (OkCoin, Huobi, and BTCC) all issued statements saying they will continue to block withdrawals until granted approval to let them resume by regulators, according to Cryptocoins News.

The cryptocurrency plunged more than $US100 in a matter of minutes on Tuesday about two hours after a Bloomberg headline cited a People’s Bank of China official as suggesting the recent bitcoin regulation wasn’t temporary.

The current slide follows a month-long rally that tacked on 30% and ran the price of one bitcoin as high as $US1292.71 as traders speculated the SEC will approve at least one of the three proposed bitcoin-focused exchange-traded funds by a March 11 deadline. Because that deadline falls on a Saturday, a decision could come on Monday, March 13.

Get the latest Bitcoin price here.

NOW WATCH: What happens to your brain and body if you use Adderall recreationally

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 research.businessinsider.com.au.