Alternative Finances

Bitcoin Prices Dive on China Blockade

The price of Bitcoin took a sharp fall over the weekend, dropping from a three-day high of just over $460 per coin on Saturday to a low of about $420 per coin  in overnight trading into today, according to the PYMNTS real-time price index 

The sharp price drop was precipitated by a confirmation from one of the world's largest bitcoin exchanges of reported crack-down on digital currency the Chinese government currently has underway.

According to a Tweet from BTC China "Attn All: We have just received a formal notification from China Merchants Bank. We have stopped accepting customer deposits at this bank."

China Merchant Bank is the largest financial institution in the country.  BTC China CEO Bobby Lee told CNBC  that his sources at China Merchant Bank indicated the decision to get out of bitcoin came from ""their superiors in the Beijing main office after a directive from the central bank."

The Chinese Central bank began it's crackdwon on Bitcoin nationally in December 2014.  The market for trading int eh currency was hit hard in the wake of teh announced effects of the crackdown--the price of bitcoin was reportedly down almost 15% from Friday.

The price of bitcoin at 7 AM EST according to the PYMNTS Bitcoin Price Index is $434.54.

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