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MELTDOWN: BITCOIN CRASHES TO $576

Sam RoDec 7, 2013, 16:46 IST

Bitcoin fell from a high of $1,085 to a low of $576 today. This is according to data from Mt. Gox. Also, this represents a breathtaking 46% crash.

Currently, Bitcoin is back to the $700 level.

The sharp moves come in the wake of China's clampdown on the controversial digital currency.

Earlier this week, the People's Bank of China announced it was barring the country's banks from handling the Bitcoin.

That was followed by this announcement from Baidu, aka "the Chinese Google":

Due to the recent fluctuations in the price of Bitcoin larger unable to protect the interests of users, in response to the risk of state-controlled bitcoin spirit Baidu music accelerate decision to suspend with immediate effect from accepting bitcoin buy accelerate music services.

Here's a Bitcoin price chart from Clark Moody:

Clark Moody