Bitcoin was down by 8%, or $85, at $975 a coin as of 4:06 p.m. ET on Thursday after at least two of China's biggest bitcoin exchanges announced they were blocking customers from withdrawing their bitcoins. The announcements followed Wednesday's meeting between the People's Bank of China and the bitcoin exchanges.
ADVERTISEMENT
Bitcoin is tanking after Chinese exchanges block withdrawals
Bitcoin is still up by more than 4% in 2017.
A bitcoin sign in a window in Toronto.
ADVERTISEMENT
Recommended articles
Thursday's announcements are notable because nearly 100% of all bitcoin transactions take place on Chinese exchanges. The cryptocurrency has had a wild start to 2017 after gaining 120% in 2016, when it became the top-performing currency for a second straight year.
Bitcoin gained more than 20% in the opening week of 2017 before crashing by 35% on concerns China would start cracking down on trading. China's largest bitcoin exchanges recently announced they would charge a flat fee of 0.2% on all transactions.
Thursday's steep slide has pushed bitcoin to its lowest level since the final trading day of January. It is still higher by 3.6% for the year.
FOLLOW BUSINESS INSIDER AFRICA
ADVERTISEMENT
Recommended articles
Top 10 African billionaires on Forbes list
Top 10 most important elections in Africa in 2024
Top 10 most adventurous African countries in 2024, according to U.S. News
Full list: Banking transactions exempted from CBN’s cybersecurity levy
Edward Howarth of DashTickets talks about gambling in Africa
Eco-friendly gambling: The impact of online slots on sustainability
Chad to become the first of Africa's current junta-led states to move to democracy
Russia spreads its military influence to another African country
