Bitcoin Price Bounces Back To $3500

Bitcoin Dives on Dimon’s Fraud Warning

"First, anyone in China with a valid public key - a large numerical value that is used to encrypt data and is generated by a software program or provided by a designated authority - can still receive and sell Bitcoin".

On Thursday, Bitcoin saw its shares tumble by 13.6%, according to Business Insider.

China's second bitcoin platform in terms of volume and the world's third largest - said on its Twitter account that "after carefully considering" the announcement by Chinese regulators, it will "stop all trading" on September 30. Elaborating on what is a non-fiat cryptocurrency, Sen said, "Bitcoins for example". The real reason is believed to be BTCC's recently launched cryptocurrency ICO platform, shut-down of which made the parent company undergo some changes as well. Two weeks ago, the organization also published a warning about initial coin offerings (ICOs), which are unregulated means to raise funds for a cryptocurrency venture.

Earlier this year, officials from China's finance ministry conducted spot checks on various exchanges to ensure they were following local regulations.

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The United States finally lands a Summer Games after failed bids by NY for 2012 and Chicago for 2016. The city plans to use the Coliseum in 2028, meaning it will have been part of three Olympics .

Bitcoin and other cryptocurrencies have been falling since the beginning of September when China's PBOC banned the issuance of new digital tokens for fundraising purposes, a relatively new phenom known as ICOs (initial coin offerings). Bitcoin is now down roughly 30 percent from its all-time high earlier this month. Beyond that, according to The Verge, three of China's main exchanges made up almost half of all of the global market share for the trailing 30 day period up to the announcement.

A Chinese business news magazine, Caixin, said that at one point, up to 90 percent of global trading took place in China.

BTC China, which encompasses a range of yuan-to-cryptocurrency trading pairs, did not state if the shutdown was permanent. On Tuesday, a United Kingdom watchdog group, Financial Conduct Authority (FCA), also issued a warning about initial coin offerings. The U.K. Financial Conduct Authority, the country's top regulator, warned this week that investors in the virtual currency should be "prepared to lose your entire stake". The restrictions will reportedly only apply to trading on exchanges, not over-the-counter transactions.

The cryptocurrency dropped 9.3 per cent to US$3,077.55 yesterday morning in London, extending this week's decline to 28 per cent.

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