The bitcoin course is falling sharply. On September 1, 1 bit coin was worth just $ 5,000. The value has now dropped to around 3,500 dollars.
The decline comes shortly after one of China’s largest batch exchanges, BTC China, announced closing its doors at the end of this month. It is also rumored that the Chinese government is considering banning the bitcoin in its entirety, though it is unclear whether this rumor is correct. However, it was recently known that the Asian country is going to ban initial coin offerings (ICOs). This is a way that companies get funding by issuing a new cryptocurrency.
Despite the decline, the bitcoin rate is still higher than a year ago. For example, the digital currency was worth more than $ 600 in September 2016, while a single bit coin could be redeemed for more than 1,000 dollars for the first time.