by Austin Ramzy, NY TImes:
The virtual currency Bitcoin has taken a sharp tumble in value since Chinese regulators moved to restrict its usage. That has created no small amount of grumbling among Chinese Bitcoin buyers, who have been some of the most enthusiastic investors in the digital money.
“The drop in Bitcoin’s value in the last few days has been terrible, I’ve felt really uncertain,” an investor surnamed Chen told The Securities Times, a Chinese financial newspaper. Mr. Chen said he had bought five coins recently at a price of 3,100 renminbi, or about $510, apiece. On Wednesday the value dropped to three-quarters of that. “I thought I’d make a little short-term investment,” he said. “I didn’t think I’d lose money.”
On Wednesday, BTC China, the country’s largest Bitcoin exchange, said it had been told to stop accepting deposits in Chinese currency. The announcement was the latest in a series of steps that have restricted the ability to buy and use Bitcoins in China.
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