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China has boomed as a cryptocurrency trading location in recent years, as investors and speculators flocked to domestic exchanges that formerly allowed users to conduct trades for free, boosting demand.

The company said other services, including its BTCC Pool for miners, are not impacted and will continue to run.

Why is the price of bitcoin falling?

Shanghai-based BTCC said it would halt trading on its domestic cryptocurrency exchange by September 30, in response to tighter control over trading crypto tokens by China's central bank.

It remains to be seen if Chinese bitcoin fans will simply switch to other OTC/bilateral forms of trading, or simply take their trading to neighboring Japan and South Korea which remain eager advocates of trading in the crypto space.

Bitcoin prices plunged further on Thursday, after one of the largest Chinese exchanges for the cryptocurrency said it would stop all trading at the end of the month amid a country-wide crackdown.

In an attempt to halt capital flight overseas and clean up its financial system, Beijing began early this year to tighten controls on bitcoin trading platforms by restricting, in particular, transactions considered excessively speculative.

To make matters worse, some big names on Wall Street have blasted bitcoin and the cryptocurrency market this week.

Ethereum has been sliding since the announcement of the Chinese ICO ban.

Looking at the charts, bitcoin's market value has dropped six legs down over the past 12-hours. In fact speculators say that this action in price could be in favor of a lower base around $3,000 for bitcoin.

China isn't trying to shut down Bitcoin but they don't want trading on exchanges.

This space will soon move on and China as a cryptocurrency major could be forgotten as well.

One of the central selling points of cryptocurrencies is negated when someone creates a brand-new bitcoin knock-off, Kolanovic wrote.

So if you were a dollar millionaire but put it all into bitcoins, you lost over $363,000 (£272,000) overnight.

Some experts think the wider acceptance and government approval is not as certain as bitcoin investors expect.