Bitcoin Plummets After China Bans It From Banks

Down 30 percent

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Sean Gallup / Getty Images

Bitcoin prices began dropping rapidly Thursday following the People’s Bank of China’s announcement that it was barring the digital currency from all of China’s financial institutions. Individuals can still use Bitcoin, albeit at their own “risk.”

While Bitcoin was trading at a high of $1,240 prior to the statement, it quickly sank to a low of $870, a 30 percent drop.

Bitcoin’s price has always been volatile. In November, the currency made news when it reached what was then an all-time high of $305.