The Bitcoin Price Falls due to Concerns with China
Mondays tend to be the days when Bitcoin gets pumped after a quiet weekend. This is not the case today despite all the good news that have come out (e.g. GoldMoney Group adding Bitcoin in their Commodity Vault). It seems like there is a very tense vibe in the Bitcoin community, and as Gordon Geeko showed yesterday in his video analysis he does not know which way we are going (same here). At this point, it can go both ways. On 11th January aired a Chinese documentary that bashed Bitcoin where they had chopped up interviews with Bitcoin experts to show a misrepresented interview. You can....
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Ethereum fell below $1,900 earlier today, as crypto markets continued to react to disappointing economic data from China. Figures for July showed that both retail sales and industrial production in China had grown by less than expected, heightening concerns of an upcoming global recession. Bitcoin also declined on Tuesday.
Bitcoin
Bitcoin (BTC) was once again trading in the red, as crypto markets continued to move lower, following Monday’s disappointing economic data from China.
Figures from the world’s second-largest economy showed that retail sales had....
Bitcoin prices tumbled more than 10% during morning trading, dipping below the $800 mark. Markets saw an average low of $779.54, according to the CoinDesk Bitcoin Price Index (BPI), the first time the price has been reported below $800 since 21st December. The drop came after the price traded just above $900 during overnight activity, and represents a nearly 39% fall from the 2017 peak of around $1,153. 2017 has been a volatile year thus far for the digital currency’s price. The start of the week saw the price shift above and below $900 as concerns over rumors of new regulations coming out....
All things considered, it appears China's crackdown on capital outflows is working. China has released their official economic growth numbers for 2016. As was to be expected, things are not looking great, although the sky is not falling either. With a 6.7% growth throughout 2016, the country falls short of expectations. Moreover, there are questions regarding the growth number, as it seems to reek of tampering. A previous report hinted at how 6.7% growth has been “achieved” for every quarter in 2016, which is an impossibly even number. The world’s largest economy continues to cause a lot....
The price of bitcoin on the CoinDesk Bitcoin Price Index (USD BPI) remained below $500 on Friday 28th March, amid continued uncertainty over whether the Chinese government would seek to prohibit banks from working with digital currency exchanges. Sources in China indicated that the reports, which first surfaced on 27th March, appear to be true, though the People's Bank of China, the country's central bank, has yet to give any formal indication that its position on bitcoin and other digital currencies has shifted. At press time, the price of bitcoin had recovered slightly from an open of....
Bitcoin has had one of its best weeks since August 2014, peaking US$500 per bitcoin on November 5, reaching a new yearly high and attracting the interest of high profile Chinese investors and well-established financial institutions. However, the bitcoin price quickly depreciated as it surpassed US$500 in most Chinese exchanges including Huobi and BTC China, falling back to the US$380 zone and sustaining itself ever since. interestingly, prominent bitcoin startup, exchanges and financial experts are unable to pinpoint the exact reasons to both the surge and depreciation of the bitcoin....