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Bitcoin plunges on Beijing plan to bring cryptocurrency exchanges to heel


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The price of the bitcoin digital currency plummeted more than eleven percent on Wednesday after China's central bank announced plans to investigate cryptocurrency exchanges over fears of capital flight.
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The People's Bank of China (PBoC) said on its website that the investigation of bitcoin exchanges, including BTCC, Huobi and OKCoin, aims to reveal possible market manipulation, money laundering, unauthorized financing and other issues.

Following the announcement, the value of bitcoin dropped from around $915 to as low as $804.

PBoC’s announcement was a "ratcheting of the rhetoric" from the Chinese authorities, according to Charles Hayter, chief executive and founder of digital currency comparison website CryptoCompare.

"Instead of we're watching you it's now we're investigating you," he told CNBC...