Bitcoin Plummets As China Cracks Down on Cryptocurrencies
Bitcoin fell more than $500 from a high of $4699
Bitcoin suffered after reports surfaced of China's plans to crack down on cryptocurrencies.
The digital currency continued its decline, falling more than $500 from a high of $4698.72.
The proposed ban was first reported by Caixin on Friday and it is believed the nation will prevent the trading of virtual currencies on domestic exchanges.
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