Bitcoin drops 19% to $730
Bitcoin extended losses on Wednesday, falling around 19% to roughly $730, after Chinese authorities announced they had begun investigating bitcoin exchanges in Beijing and Shanghai on suspicion of market manipulation, money laundering, unauthorized financing and other issues.
Today's negative run comes after three days in which the digital currency saw some stabilization towards its longer-term upward trend, as investors reacted to news that the People's Bank of China urged caution when investing in virtual currencies.
The cryptocurrency slumped 18.18% to $738.22 on OKCoin at 7:00 pm CET, and dipped 14.13% to €741.549 on Kraken exchange. It lost 17.48% compared to the Chinese yuan to go for 5,225.97 at BTC China at the same time.