Bitcoin tumbles below $400 following Chinese shutdown notices

|By:, SA News Editor

Bitcoin (BITCN, BTCS) is currently showing a bid-ask spread of $380.22-$381.97 on Coinbase. The cryptocurrency last traded at these levels in mid-November, when its was in the midst of a parabolic run to $1,100.

The apparent trigger: Chinese exchanges have begun receiving shutdown notices from banks (previous). They'll have to stop allowing Bitcoin-related bank deposits by April 15.

Leading local exchange BTC China has already seen an 80% drop in trading volume from its peak. It's prepping legal "workarounds" to deal with a shutdown.

In addition to the Chinese news, a massive selloff in risk assets (headlined by a 130-point drop for the Nasdaq) might have also taken a toll.