The Slippening: Ethereum, Bitcoin Prices in Free Fall

As CCN reported, official Shanghai media source Yicai Global alleged that the Shanghai Financial Office has “verbally halted” bitcoin exchanges from operating within the city. Shortly after, Shanghai-based bitcoin exchange BTCC announced it is suspending trading effective at the end of September, although it cited last week’s initial coin offering ban as the reason for its trading platform closure.

Also this morning, China Internet Finance Association (NIFA) member Zero One Finance published a newsletter claiming that a government regulator had “asked the major currency exchanges to close the program,” according to a rough translation. Although the closures might not take effect for several months, the regulator stated that “Banning Bitcoin exchange is certain.”

As of writing, regional cryptocurrency news service cnLedger was reporting that OKCoin and Huobi had not received closure notices from regulators.
The Slippening: Market Plunges Below $120 Billion

These events sent the cryptocurrency markets into free fall. Less than a week ago, the total value of cryptocurrencies was above $160 billion. The markets declined throughout the week as the rumor mill grew, eventually resting at $135 billion on Wednesday.