Bitcoin slumped on the Chinese floor to stop working

Virtual currency prices fell for a fifth day in a row - the longest one year, as BTC China announced it would shut down after September 30.

BTC China is one of the largest virtual currency trading platforms in China. CEO Bobby Lee yesterday announced that the floor will stop accepting new account registration immediately and will end this month. The decision was made after "deliberately" announcing the ban on ICO (Virtual Money Raising) operation of the Government on September 4.

This virtual currency has lost 27% since September 7. At $ 3,357 per ton, it's down sharply from $ 3,900 earlier yesterday.

This year, Bitcoin has risen more than fourfold, thanks to the increasingly widely accepted chain block technology, global political instability and increased demand from Asia. Accounts from China contributed to 23% of Bitcoin transactions. This country is also home to the world's largest Bitcoin digging community.

Earlier this week, Bloomberg reported that China planned to ban Bitcoin and other virtual currency transactions on the domestic exchange. This ban will only apply to traditional flooring, not overdistribution (OTC) transactions.

The Shanghai Financial Services Authority has also ordered the closure of Bitcoin trading platforms in the city, a source close to China Business News quoted a close source as saying.

Matt Roszak is the president of the Digital Chamber of Commerce, a US-based organization, and investor of BTC China. He predicts that the floor will resume operation later this year.

"This is a forecast based on months of discussion," Roszak said. "The timing is likely to be somewhat affected by the ICO," Roszak said. "China is preparing to allow fewer floors to monitor money transactions. virtual is increasing sharply ".