Bitcoin Crash on News Major Chinese Web Site Has Stopped Accepting Bitcoin

Major Chinese search and web services provider Baidu is no longer accepting bitcoin for service payment, , reports NewsBTC.com. The following is the service’s message to music users today (roughly translated using Google):

Dear acceleration music users:

Due to the recent fluctuations in the price of Bitcoin larger unable to protect the interests of users, in response to the risk of state-controlled bitcoin spirit Baidu music accelerate decision to suspend with immediate effect from accepting bitcoin buy accelerate music services.

As of 11:00 ET, the price for a bitcoin at Mt Gox was $774.00, the low was $650.00. Earlier in the day the price was $1,118.98.

The real translation: The Chinese government is cracking down on the use of Bitcoin.

http://www.economicpolicyjournal.com/2013/12/bitcoin-crash-on-news-major-chinese-web.html