The price of bitcoin lost 14 percent over the weekend as one the largest bitcoin exchanges in the world confirmed that transactions have been affected by a clampdown from the Chinese government.
BTC China - in the top five of the most commonly used bitcoin exchanges, according to Bitcoinity.org - said over the weekend that it had suspended yuan deposits from the China Merchant Bank, following guidance the bank had posted on its website. CEO of BTC China Bobby Lee confirmed to CNBC that the exchange had also received a telephone call from the bank Monday, formally directing the exchange to cease transactions from its account.
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