BREAKING Major Chinese Bitcoin Exchange Announces Closure; Bitcoin Price Crashes

Bitcoin prices fell about 9 percent this morning after one of the biggest exchanges in China said it will shut down its operation.

BTC China said in a tweet Thursday that it will close down its operations by Sept. 30 as Chinese authorities crack down.

1/ After carefully considering the announcement published by Chinese regulators on 09/04, BTCChina Exchange will stop all trading on 09/30.

— BTCC (@YourBTCC) September 14, 2017

 Bitcoin has lost more than 20 percent of its value since Sept. 4, when Chinese media outlet Caixin reported that regulators banned companies from raising money through initial coin offerings.

-RW