Bitcoin (EXANTE: Bitcoin) bounced by more than 20% in the space of just four hours on Friday, having skidded below $3,000 earlier, Cointelegraph reports.
The price of the main cryptocurrency climbing around $400 from lows of $2972 on the news that China was giving Beijing-based platforms OkCoin and Huobi, which are among China’s biggest exchanges extra month before stopping their yuan-based trading by October 31.
Earlier today it was announced that the Chinese Bitcoin trading platform ViaBTC will become the second exchange after BTCChina to shut down operations amid an ongoing crackdown on cryptocurrency industry.
Chinese Bitcoin exchange BTCChina said on Thursday that it would stop all trading from September 30, setting off a further slide in the value of the cryptocurrency that left it over 30% away from the record highs it hit earlier in the month.
Earlier this month China’s central bank the People’s Bank of China proclaimed initial coin offerings (ICOs) illegal and demanded all related fundraising activity to be halted immediately.