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Bitcoin Dips to $500 After China Blocks New Deposits



China’s clampdown on Bitcoin continues, and the virtual currency’s prices keep plunging. As of early morning on Wednesday, the price of Bitcoin went down to around $500 across major exchanges, its lowest in nearly a month.

Two weeks ago, China’s central bank said Bitcoin was not a currency and thus prohibited local financial institutions from processing bitcoin transaction. Now, the central bank has banned third-party payment companies from dealing in bitcoins, as reported by multiple news outlets.

As a result of these regulations, which put into question the viability of Bitcoin as a currency in China, the global price of Bitcoin has dipped to less than $500, after it hit $1,000 just three weeks ago. Read more…

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