Bitcoin Plummets, Losing Almost 50% As Currency Is Banned By Chinese Government

Bobby Lee, chief executive of BTC China (the largest bitcoin exchange in the country), announced earlier today that the exchange would no longer be accepting any more deposits of the virtual currency.

Lee blamed new Chinese legislation that barred financial institutions and third party payment companies (like YeePay, the company BTC was using to process bitcoin transactions) from using the currency.

The announcement caused the value of of bitcoins to drop almost 50% overnight. From it’s highest point at the end of November of $1242/bitcoin, the value of bitcoin lost over 60% to $480, although it has made a modest recovery and is hovering around $550 right now.

Click the image below for the realtime bitcoin to US Dollar exchange rate.

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