Bitcoin's value dropped 10 percent from 500 dollars to under 440 dollars, following the news of fresh restrictions in China.
According to Tech Crunch, BTC China has decided to stop accepting local-currency deposits from China Merchants Bank, which is a large financial institution in the country.
Bitcoin was expected to have a big future in China, where government control over banking would make the decentralized crypto currency more attractive to the average person.
If Chinese govt bans its use, it will cut its potential and harm the value of Bitcoin itself.
