Bitcoin’s price tanks after report China plans further crackdown

Philippe Lopez | AFP | Getty Images

A man walks out of a shop displaying a bitcoin sign during the opening ceremony of the first bitcoin retail shop in Hong Kong on February 28, 2014.

The price of bitcoin fell sharply after a report China’s regulators are planning a further crackdown on the digital currency.

Local outlet Caixin is reporting the Asian country is planning to shut down local bitcoin exchanges, according to a Google translation.

Bitcoin’s price fell 7 percent Friday following the news, according to Coindesk market data.

Earlier in the week on Monday, Chinese regulators announced a ban on organizations from raising funds using initial coin offerings (ICOs), which sparked a $200 decline in the price of bitcoin.