The price of bitcoin fell more than $500 today as market turmoil continues in the aftermath of Chinese exchange BTCC's trading stoppage announcement.

The CoinDesk Bitcoin Price Index (BPI) has hit a fresh low of $3,350.17 – roughly $523 down from the day's open of $3,874.26. When accounting for the day's price high of $3,923.98, that figure swells to approximately $573.

At press time, the price is at $3,363.25, according to the BPI.

Shanghai-based BTCC announced that it would would cease offering trading services on September 30, citing statements issued earlier this month by the People's Bank of China and other regulatory bodies in the country. BTCC's move came just a day after China-based BitKan announced that it would halt its over-the-counter (OTC) trading offering.

The new move downward comes hours after bitcoin's price fell below $3,500, falling below the 50-day moving average for the first time since July 20.

Many other cryptocurrency markets are experiencing sharp declines today, according to data from CoinMarketCap. Of the top-10 cryptocurrencies, litecoin has seen the heaviest decline, falling in the last 24 hours by more than 24% at time of writing with much of the volume being seen in Chinese exchange OKCoin and Huobi.

The collective cryptocurrency market capitalization has fallen below $120 billion for the first time in a month, per CoinMarketCap, hitting roughly $114.4 billion at press time.

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