China central bank crackdown pushes down Bitcoin value

Bitcoin prices have tanked after China signalled it is stepping up scrutiny of the virtual currency.

Browsing an online Bitcoin shop in China. Source: AAP

Its value soared to record highs of almost 1,500 dollars (AU) per unit at the end of 2016, largely thanks to strong demand from within China.

But as .............. reports, China's central bank has announced investigations into the country's biggest Bitcoin exchanges - causing the currency to plunge.