Bitcoin prices plunged today, falling to their lowest level in more than one month, as crypto markets continue to respond to ongoing regulatory developments in China.

The digital currency’s price had fallen to as little as $3,434.78 at the time of report, according to the CoinDesk Bitcoin Price Index (BPI).

This represented a more than 30% decline from the all-time high of more than $5,000, and the lowest price since August 11, additional BPI figures show.

Chinese Regulatory Developments

Bitcoin has been encountering some weakness lately, suffering notable declines as the Chinese government has cracked down on cryptocurrencies.

The nation’s government banned initial coin offerings (ICOs) earlier this month, and rumors have circulated that the next step may be shutting down all cryptocurrency exchanges.

This will not be the first time the Asian nation has taken such action, as it shut down these marketplaces both in 2013 and also earlier this year, as reported by TechCrunch.