Bitcoin loses 18% against dollar on raids in China
The benchmark cryptocurrency extended losses on Wednesday, falling to the lowest point relative to the dollar since the end of November at OKCoin after the People's Bank of China said its investigators will visit operators of bitcoin exchanges in the most populous country. The government in Beijing has been stepping up measures to counter capital flight amid attempts by investors to shield the value of assets against downward pressures on the yuan.
The bitcoin sunk 14.08% to $775.2 at 1:55 pm CET, after plunging to $739.75. One coin bought €785.01 at Kraken at 1:25 pm CET, down 9.1% for the day, compared to the session low of €777. The value fell 14.88% to 5,392.9 yuan at BTC China at 1:55 pm CET, after dipping down to 5,203, also the weakest level since November 30.