China to close all bitcoin exchanges by end-September - Yicai

JPMorgan's Dimon says bitcoin trading 'is a fraud'

JPMorgan's Dimon says bitcoin trading 'is a fraud'

This is far below the all-time high of $5,013.91 set earlier this month.

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.

Earlier, BTCChina, one of the country's largest cryptocurrency exchanges, said it would stop all trading from September 30.

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Bitcoin, the original and biggest cryptocurrency, has rallied strong in recent months, hitting a record high at nearly 5,000 at the start of September after a more than 5X price increase YTD.

That ban, as well as warnings by regulators in other countries, has driven fears of a wider crackdown and prompted a sell-off that has helped wipe nearly $60 billion off the total value of cryptocurrencies since they hit record highs at the start of the month, according to industry website Coinmarketcap.

The virtual currency fell more than 11 percent, trading at $3,544.14 as of 14:00pm GMT.

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The news come after a few weeks of rumors that China will ban all cryptocurrency exchanges in the country.

It's been a tough week for bitcoin, which yesterday hit a three-week low after Jamie Dimon, the chief executive of JPMorgan Chase labeled the digital currency a "fraud" and said he would fire employees who traded in cryptocurrencies.

Spokeswomen for OkCoin and Huobi, BTCChina's main rivals in China, declined to say whether they would announce similar moves.

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The global market share of cryptocurrencies shrunk considerably after last month's news that China would ban all ICOs (initial coin offerings) in the country.

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