Just when you thought things couldn’t get any worse in China, it does. The world’s largest exchange (which will soon change) has stopped accepting fiat deposits, which prevents any money from coming into the exchange.
“This morning, we got notice from our third-party payment provider YeePay that it would cut off deposits for us at 12 noon and sure enough, we got cut off today,” said Bobby Lee, CEO of the operation.
“We all know the reason – it’s as plain as daylight – they cut us off because of what happened at the meeting on Monday,” he continued, referring to China’s top payment processors who met up with the People’s Bank of China and were told to stay clear of bitcoin exchanges.
As one would come to expect, the price per bitcoin has taken a dive, with prices the lowest we’ve seen in a while. At the time of this writing, each bitcoin is priced at about $500 on Bitstamp. Whether or not it will continue to dive remains to be seen.