Bitcoin fell by 10%, down to $ 7,300 on Monday, reaching its lowest level since November.
The drastic fall came amid news that Chinese regulators are allegedly planning to block all platforms related to cryptocurrency trading.
READ MORE: 'Bad Ending'? UK Bank Bars Credit Card Users From Buying Bitcoins
Although Chinese authorities have already banned domestic exchange platforms, the move didn't help to resolve the problem as people kept accessing foreign websites within the country.
So China FUDs #bitcoin and then buys it dirty cheap. Nice strategy. Now big banks copying them.
— ΞLΞKTRONIC ⚡️ (@3L3KTRONIC) 5 февраля 2018 г.
How many times is china "cracking down on bitcoin". same story over and over by corporate media
— David Banner (@Rothschildsdirt) 5 февраля 2018 г.
China is where majority of #bitcoin #mining is done. They're celebrating Chinese New Year Feb 15-March 1st, nationwide work holiday. I'll visit Shanghai shortly after. This $BTC drawback is the largest shakeout yet. There's going to be another #crypto boom and record $USD volume. pic.twitter.com/MAWvfqPyfJ
— XVGWhale (@XVGWhaleReal) 5 февраля 2018 г.
Now, according to local media, China will restrict access to both domestic and foreign services "to prevent financial risks."
