Bitcoin is tumbling after Chinese regulators say an exchange ban is certain

Bitcoin continued to tumble Thursday, trading down 6.6% to $3634.82 per dollar at 8:13 a.m. ET, after Chinese media reported the country's regulators were moving closer to shutting down exchanges.

Reports from Bloomberg and The Wall Street Journal on Monday first indicated that China planned to ban trading of bitcoin and other virtual currencies on its exchanges.

According to Bloomberg's Lulu Yilun Chen, China Business News reported that the city of Shanghai has verbally halted bitcoin exchanges. The website Crypto Coins News further cited a local newsletter that said banning bitcoin exchanges was "certain."

Bitcoin has come under pressure in recent weeks following negative headlines out of the United Kingdom and China.

On Tuesday, the Financial Conduct Authority, a UK watchdog, warned investors about the risk associated with initial coin offerings, the cryptocurrency-based fundraising method.

Earlier this month, China banned ICOs, and more recently, rumors that it might ban cryptocurrency trading altogether have escalated; a Caixin report out Friday suggested that China would shut down its domestic exchanges.

Additionally, earlier this week, JPMorgan CEO Jamie Dimon said it was a "fraud" that would eventually blow up.  

The cryptocurrency has plunged about 25% since its September 1 high. However, its still up nearly 300% this year. 

RELATED: Creation of US currency inside the US mint

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The creation of U.S. currency inside the U.S. Mint
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The creation of U.S. currency inside the U.S. Mint
PHILADELPHIA - AUGUST 27: United States Mint in Philadelphia, Pennsylvania on August 27, 2016. (Photo By Raymond Boyd/Getty Images)
The US flag hangs over gold bars in a vault at the United States Mint at West Point in West Point, New York, U.S., on Wednesday, June 5, 2013. Sales of gold and silver coins by the U.S. Mint may rise to a record this year if demand continues to remain at the current pace, according to Richard Peterson, acting director of the mint. Photographer: Scott Eells/Bloomberg via Getty Images
United States one dollar bills are curled and inspected during production at the Bureau of Engraving and Printing in Washington November 14, 2014. REUTERS/Gary Cameron (UNITED STATES - Tags: BUSINESS POLITICS)
United States one dollar bills are inspected under a magnifying glass during production at the Bureau of Engraving and Printing in Washington November 14, 2014. REUTERS/Gary Cameron (UNITED STATES - Tags: BUSINESS POLITICS)
One ounce 24 karat gold proof blanks are seen at the United States West Point Mint facility in West Point, New York June 5, 2013. Demand for U.S. gold coins is still at "unprecedented" high levels almost two months after an historic sell-off in gold released years of pent-up demand from retail investors, the head the U.S. Mint said on Wednesday. REUTERS/Shannon Stapleton (UNITED STATES - Tags: BUSINESS COMMODITIES)
One-ounce silver Liberty coins sit in a tray at the United States Mint at West Point in West Point, New York, U.S., on Wednesday, June 5, 2013. Sales of gold and silver coins by the U.S. Mint may rise to a record this year if demand continues to remain at the current pace, according to Richard Peterson, acting director of the mint. Photographer: Scott Eells/Bloomberg via Getty Images
Pressman Larry Norton inspects a one-ounce silver bullion coin at the United States Mint at West Point in West Point, New York, U.S., on Wednesday, June 5, 2013. Sales of gold and silver coins by the U.S. Mint may rise to a record this year if demand continues to remain at the current pace, according to Richard Peterson, acting director of the mint. Photographer: Scott Eells/Bloomberg via Getty Images
An employee washes one-ounce silver coin blanks at the United States Mint at West Point in West Point, New York, U.S., on Wednesday, June 5, 2013. Sales of gold and silver coins by the U.S. Mint may rise to a record this year if demand continues to remain at the current pace, according to Richard Peterson, acting director of the mint. Photographer: Scott Eells/Bloomberg via Getty Images
Don Daldo inspects a 2010 Sacagawea dollar coin at the United States Mint in Philadelphia, Pennsylvania, U.S., on Thursday, Feb. 25, 2010. The U.S. dollar has risen 2.5 percent versus the euro since Jan. 31, heading for a third monthly gain, its longest stretch since November 2008. Photographer: Andrew Harrer/Bloomberg via Getty Images
A roll of metal for coin production sits at the United States Mint in Philadelphia, Pennsylvania, U.S., on Thursday, Feb. 25, 2010. The U.S. dollar has risen 2.5 percent versus the euro since Jan. 31, heading for a third monthly gain, its longest stretch since November 2008. Photographer: Andrew Harrer/Bloomberg via Getty Images
WASHINGTON - NOVEMBER 19: Twenty-five-dollar rolls of the new presidential one-dollar coin with the image of Abraham Lincoln are displayed for people to exchange after an introduction event at President Lincoln's Cottage at the Soldiers' Home November 19, 2010 in Washington, DC. The United States Mint introduced the coin on the 147th anniversary of Lincoln's Gettysburg Address. (Photo by Chip Somodevilla/Getty Images)
The US flag hangs over gold bars in a vault at the United States Mint at West Point in West Point, New York, U.S., on Wednesday, June 5, 2013. Sales of gold and silver coins by the U.S. Mint may rise to a record this year if demand continues to remain at the current pace, according to Richard Peterson, acting director of the mint. Photographer: Scott Eells/Bloomberg via Getty Images
A sheet of United States one dollar bills is seen on a light table during production at the Bureau of Engraving and Printing in Washington November 14, 2014. REUTERS/Gary Cameron (UNITED STATES - Tags: BUSINESS POLITICS)
One ounce silver coins undergo washing at the cleaning facility at the United States West Point Mint facility in West Point, New York June 5, 2013. The appetite for U.S. American Eagle gold and silver bullion coins is still at unprecedentedly high levels almost two months after a historic sell-off in gold unleashed years of pent-up demand from retail investors, the head of the U.S. Mint said on Wednesday. REUTERS/Shannon Stapleton (UNITED STATES - Tags: BUSINESS COMMODITIES)
Freshly minted pennies sit in a collection bin at the United States Mint in Denver, Colorado, U.S., on Monday, Oct. 19, 2009. The yen and dollar gained versus the euro and extended their first weekly advances in four weeks amid concern the global economic recovery may stall as stimulus measures wind down, reducing demand for riskier assets. Photographer: Matthew Staver/Bloomberg
UNITED STATES - AUGUST 08: A die, left, and hub for a 2007 quarter-dollar coin honoring Wyoming, are arranged for a photograph the at the U.S. Mint in Philadelphia, Pennsylvania on Wednesday, Aug. 8, 2007. (Photo by Stephen Hilger/Bloomberg via Getty Images)
UNITED STATES - AUGUST 08: Robert Wasner, metal foreman and machine operator at the U.S. Mint, visually inspects a 2007 James Madison Presidential one dollar coin after its striking in Philadelphia, Pennsylvania on Wednesday, Aug. 8, 2007. (Photo by Stephen Hilger/Bloomberg via Getty Images)
UNITED STATES - AUGUST 08: Mike Spinosa, a pit driver at the U.S. Mint, transfers one cent blanks before they are struck into pennies in Philadelphia, Pennsylvania on Wednesday, Aug. 8, 2007. The dollar fell to a record low against the euro after Federal Reserve policy makers cut their benchmark interest rate by a quarter-percentage point. (Photo by Stephen Hilger/Bloomberg via Getty Images)
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