# bitcoin

By [Karla](https://paragraph.com/@karla) · 2023-01-24

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Over the year, bitcoin has risen in price several times despite Chinese authorities' warnings to investors. The digital currency now trades at about $9,300 on popular Chinese exchange platforms, down from a peak of almost $20,000 in December. In the beginning of the year, the price was around $1,000. In the latest announcements, the People's Bank of China said on Tuesday that banks were now banned from handling and clearing bitcoin transactions, while also barring individuals from buying the cryptocurrency. The news came after Chinese bitcoin exchange BTCChina said it would no longer allow new customers to open accounts and would stop margin lending and bitcoin depositary services. "BTCChina has always been a market leader in bitcoin trading, but we have to abide by the rules and regulations of the regulators," a BTCChina spokesperson told the BBC. "As the regulations are about bitcoin exchanges and trading, we will no longer permit new users to open accounts. Users with existing accounts can continue to trade.

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*Originally published on [Karla](https://paragraph.com/@karla/bitcoin)*