The bitcoin-US dollar exchange (BTC/USD) rate fell to a fresh four-week low of $3,413 this morning following reports that Shanghai-based bitcoin exchange BTCC will shut down its domestic trading operations effective September 30.
As such, the announcement is the latest that supports the rumor regulators are preparing a formal ban on domestic bitcoin exchanges. Long liquidations in BTC markets have gathered pace amid fears that a confirmation from the People's Bank of China will follow over the next few days.
More here:
https://www.coindesk.com/bitcoin-price-drops-3500-relief-rally-sight/