“The Chinese ban is causing a panic in the market as mixed messages and lack of clarity has turned sentiment negative,” said Charles Hayter, founder of data analysis site Cryptocompare.
BTCChina, one of China’s largest bitcoin trading platforms, which also runs an international exchange out of Hong Kong, will stop registration of new users from Thursday, it said on its official microblog.
“We will stop all trades on the digital trading platform starting Sept. 30,” it said. Its co-founder, Bobby Lee, told Reuters the move would not affect trading on the BTCC international exchange, however.
The price of bitcoin tumbled particularly sharply on BTCChina after the news. By 1233 GMT, it was down 18 percent on the exchange, at 20,510 yuan.
On U.S. exchange Bitstamp, it slid as much as 10 percent to a five-week low of $3,426.92, having hit a record high of nearly $5,000 on Sept. 2.
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