Bitcoin at $500 in wake of reported Chinese ban

NEW YORK (MarketWatch) — Bitcoin rose above $500 on the CoinDesk bitcoin price index Friday, after plunging more than 17% Thursday to $478.16. In recent trade, bitcoin exchanged hands at $503.01 on the index, which tracks prices on three exchanges. Thursday’s drop came after the Chinese media reported that the People’s Bank of China had ordered banks to close accounts of several virtual-currency exchanges, effective April 15.

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