Portland — Bitcoin tumbled to a one-month low on worries that Chinese authorities are going to tighten their oversight of the digital currency. The price of bitcoin dropped to $752.5 on Thursday, the lowest since December 7, after a decline of as much as 16% in the previous session. It was trading down 2.6% at 6:46pm in Hong Kong, according to data compiled by Bloomberg. The cryptocurrency hit an all-time high of $1,161.89 on January 5. Officials with the Shanghai branch of the People’s Bank of China and the city’s finance office conducted an on-site inspection at the BTCC online bitcoin exchange, according to a statement from the Chinese central bank, looking for evidence of violations, such as market manipulation or money laundering, and assessing the safety of customer funds. BTCC is the world’s second-largest bitcoin exchange, according to the company’s website.
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