Bitcoin buttons are displayed on a table at the Inside Bitcoins conference in Berlin on Wednesday, Feb. 12, 2014. (AP Photo/Frank Jordans)
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China plans to ban trading of bitcoin and other virtual currencies on domestic exchanges, dealing another blow to the $150 billion cryptocurrency market after the country outlawed initial coin offerings last week.Bitcoin slumped Friday after Caixin magazine reported China's plans, capping the virtual currency's biggest weekly retreat in nearly two months. The country accounts for about 23 percent of bitcoin trades and is also home to many of the world's biggest bitcoin miners, who use vast amounts of computing power to confirm transactions in the digital currency.OKCoin, BTC China and Huobi, the country's three biggest bitcoin exchanges, said on Monday that they hadn't received any regulatory notices concerning bans on cryptocurrency trading.At one point, exchanges in China accounted for more than 90 percent of the world's bitcoin transactions.
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