Bitcoin value tumbles after Chinese government crackdown

The price of Bitcoin has dropped dramatically earlier today after China’s largest exchange for the virtual currency claimed that it would no longer accept deposits in their local currency, which is the Chinese yuan.

Bitcoin was supposed to be beyond the reach of governments, but investors in the virtual currency are realizing that is not the case. The price of a Bitcoin slumped Wednesday after China’s largest exchange for the virtual currency said it would stop accepting deposits in yuan — China’s local currency.