Bitcoin is under attack in China. According to this Business Insider report, the three largest exchanges are blocking all withdrawals.
Bitcoin trades down 2.4% at $1198 a coin as selling takes hold for a second day. Wednesday’s weakness comes after China’s three largest bitcoin exchanges (OkCoin, Huobi, and BTCC) all issued statements saying they will continue to block withdrawals until granted approval to let them resume by regulators, according to Cryptocoins News.
The cryptocurrency plunged more than $100 in a matter of minutes on Tuesday about two hours after a Bloomberg headline cited a People’s Bank of China official as suggesting the recent bitcoin regulation wasn’t temporary.