Business

Bitcoin takes huge hit after China smackdown

Bitcoin, the digital currency, dropped nearly 50 percent from recent highs overnight on word of a Chinese government smackdown.

BTC China — the nation’s largest bitcoin operator — stopped accepting new customer deposits amid a government clampdown.

“We think this is due to government regulation,” Bobby Lee, BTC China’s chief executive officer told Bloomberg. “We have to play by the rules of the government of China.”

Bitcoin was trading at $587 at 9:30am Wednesday, down from $750 high.