Bitcoin currency rises after China exchange shut downs
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BITCOIN'S price has bounced back towards $4,000, as the cryptocurrency staged a recovery after China shut down exchanges BTCC, OkCoin and Huobi in a move that prompted a goes down in worth.
The worth of the digital currency is now hovering at around $3,680 after the crash below $3,000 on Friday, people fears the bitcoin bubble was bursting. Bitcoin's price had bounce by around 700% over the past 12 months to hit record highest of $5,000. But the bottom appeared to fall out after the Chinese government carried out a major FALL.
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BTCC has now announced it will end trading at the end of the month, with OkCoin and Huobi closing at the end of October.
The Chinese government said: "All trading exchanges must by midnight of Sept. 15 publish a notice to make clear when they will stop all cryptocurrency trading and announce a stop to new user registrations.”
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The platforms must also tell the government by Sept 20 how they will allow users to make withdrawals in a very protected manner and handle funds to make sure investor interests are secured.
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The value also came under pressure after JP Morgan boss Jamie Dimon called bitcoin a fraud, and promised to fire staff dealing the digital money for being "stupid" and "dangerous".
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