Bitcoin tanks on report China considering crackdown

The bitcoin price plummeted late Thursday, erasing a week’s worth of gains, as a blistering rally ran out of steam.
A Bloomberg report that Chinese authorities are studying measures to limit transactions on China-based exchanges in an effort to stop money flowing out of the country was the catalyst for the selloff, according to Charles Hayter, founder and chief executive of Cryptocompare, a provider of cryptocurrency data and analysis.

This post was published at Market Watch on Nov 4, 2016.