In a move aimed at curbing speculation and volatility, the U.S. government has stopped allowing bitcoin and bitcoin cash to be traded on its platforms.
The decision is aimed at stopping bitcoin from “bailing out” the market, and was made on Thursday by Treasury Secretary Steven Mnuchin.
However, it is unlikely to curb the market’s volatility.
For example, the price of a bitcoin dropped about 8 percent on Thursday, and the price fell more than 20 percent from its all-time high of $1,400 on March 31.
For its part, bitcoin’s exchange rate plunged about 9 percent on Wednesday, while the price rose more than 10 percent on Friday.
Bitcoin Cash, meanwhile, fell almost 10 percent during the same period.
The cryptocurrency has been the target of a number of recent market-moving events, including the shutdown of China’s main bitcoin exchange BTC China on Thursday.
The news of the shutdown comes just a day after the Chinese central bank, in an attempt to limit volatility, issued a series of new regulations that it said would help combat bitcoin-related scams.
The new rules will also allow banks to issue virtual currencies.
The government is also expected to tighten restrictions on the use of cryptocurrency in the country, which is now home to the world’s largest bitcoin network, according to the country’s central bank.