Bitcoin Prices Plunge After China Cracks Down on Currency

The price of bitcoin surged to $1,000 last month, but it dipped far below that mark just as quickly.

Baidu, China's largest search engine, announced this week that it would no longer accept the digital currency as a form of payment, triggering a steep drop in the price of bitcoin. The announcement, which was posted on the Baidu website, followed a decision from China's central bank to prohibit financial institutions in the country from processing or insuring bitcoin transactions.

“Baidu’s website-acceleration platform decided to suspend Bitcoin payment acceptance from Friday, as recent large fluctuations in Bitcoin’s value makes it unable to safeguard users’ interests,” Baidu said in a statement on its website, translated via Bloomberg Read more...