China Warns Bitcoin Users, Panic Sellers Drive Bitcoin Price Down 21 Percent
Bitcoin, which sustained an optimistic price rally over the past week, substantially declined in value within the last 24 hours, plummeting by 21 percent after the Chinese government issued a warning to Bitcoin users against potential risks. On Jan. 5, the People's Bank of China (PBOC) released a statement to emphasize their stance on Bitcoin reiterating that the government of China does not consider Bitcoin to be a currency. However, the central bank of China highlighted that Bitcoin is still a virtual currency or a virtual “good,” which is legally traded and used within the country.....
Related News
Based on technical indicators and moving averages, prominent trading and investment platform Investing.com states that it is optimistic for Bitcoin traders to purchase the digital currency for both short and long term profit. On Feb. 9, Bitcoin price plunged overnight, decreasing from $1,060 to $964. Bitcoin has already recovered since then, rising back to $1,030 in most major markets. Shock and panic. Last week, the People’s Bank of China halted withdrawals for Bitcoin and Litecoin users of Huobi and OKCoin, two of the largest Bitcoin exchanges in China that control roughly 20 percent of....
Following China-related reports that caused investors to panic and bring the price of bitcoin down to $340 at the Bitstamp exchange, we're seeing a nice jump back up to the $430 range at the time of this writing. The price is up over 7 percent in the past day or so, reaching a high of $432 (so far). News this morning that the People's Bank of China Governor said that China has no intentions of banning the use of bitcoin are likely the reason for the climb. The bitcoin price took a beating this week when various exchanges announced some of their banking partners were closing accounts in....
Have you noticed a trend lately? It seems like every number of days, some "news" comes from China regarding a ban of some sort. If not outright, then the discussion surrounds banks and other financial institutions from being barred from bitcoin dealings. And every single time there's panic. And what happens when there's panic? The price drops. Someone makes a lot of money. I received an email this morning from a reader asking why I haven't covered this latest news coming from China. Apparently, these "talks" between the People's Bank of China and financial institutions are getting serious.....
At 11:00 GMT+2 on Thursday, the pioneer cryptocurrency Bitcoin crossed the $2,400 line by appreciating 10.22 percent and recording a market price of $2,419. The aftermath of last weekend's panic has seen the price going up and down like a pendulum. But this morning robust growth has returned to the cryptocurrency ecosystem. There are talks of Chinese exchanges resuming withdrawals and if that is the case then it is a good omen for the industry. For almost four months now, Chinese exchanges have suspended Bitcoin and Litecoin withdrawals. This was supposed to last for just a month when the....
Bitcoin trader using BTC China services? There's some good news in store for you. The BTC China team announced on Wednesday that they are reducing their withdrawal fee effective today for all customers. "From popular demand, and to benefit our customers, starting from July 16, 2014, we have reduced our withdrawal fee from 0.5% down to 0.38%," the company wrote on their blog. That's a 20 percent drop, for those keeping track. On Reddit.com, a company representative added, "we have decided to lower our withdrawal fees due to our users' high demand as well as to benefit our loyal customers."....