False News That China Banned Bitcoin Responsible For Price Decline
A headline that snuck its way on to the Sina Weibo live news feed on the 18th of March (but discovered late this week) is responsible for a sharp decline in the price per bitcoin, but much to the relief of traders, has been retracted. The then-unconfirmed report indicated the People's Bank of China (the country's central bank, also known as PBOC) would ban all bitcoin-related activity come the 15th of April. A follow-up report posted on the above-mentioned news feed sounds much more reasonable, noting that the People's Bank of China did make a statement related to bitcoin, but not in the....
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A false report published on a financial news feed run by Chinese microblogging site Sina Weibo was responsible for the sharp decline in bitcoin prices across China's biggest exchanges today (21st March). At 10:22 am GMT, Sina's financial live feed issued a now-retracted news report indicating that China's central bank, the People's Bank of China (PBOC), would move to halt all bitcoin transactions in the country effective 15th April. If true, the news would have interrupted a period of improved relations between the burgeoning bitcoin ecosystem and the nation's lawmakers, but coincided with....
Welcome back to another Bitcoin News in Review, where we feature some of the biggest stories of the week here on CryptoCoins News. This week, there was a drop in the Bitcoin price, Dogecoin's price continued to decline, Ecuador banned Bitcoin in favour of its own cryptocurrency, and more. Check out this week's Bitcoin News in Review after the break. Explaining Bitcoin's Recent Price Drop. The Bitcoin price fell below $600 this week. If you've been monitoring the Bitcoin price this week, you've probably noticed that it has dropped below $600 USD (currently at $588). While it's rarely....
You're probably waking up this Monday morning asking yourself what has happened to the price of bitcoin. At Mt. Gox, about $827 USD, and $784 at Bitstamp - down from the high $800s this weekend. So what happened? A panic sell, of course. There's a rumor spreading on the internet that transactions to BTC China (which includes fiat withdrawals) may be banned in the very near future. This information comes allegedly from two payment processor CEOs in China, who later deleted their posts on Chinese microblogging site Weibo after triggering the panic. There is reportedly a meeting with....
Since 2009, China and Hong Kong have "banned" or otherwise caused FUD in the crypto space on 18 separate occasions. The price of Bitcoin fell 5% today following “breaking” (read: weeks old) news that the People’s Bank of China, or PBoC, had declared all cryptocurrency transactions illegal.With that in mind, let's take a nostalgic look at the last 12 years of FUD out of China, and see if we can spot any patterns.China banned 'virtual currencies' for the first time in 20091: Chinese regulators have never exactly been crypto advocates. When cryptocurrencies were still in their infancy, i.e.....
Sunday trade brought the Bitcoin price below $300 across the BTC/USD exchanges. Price dropped to $275 at Bitstamp before climbing back above $300. Additional downside may still be possible, but there is strong evidence that the bottom may have been struck. Confirmation of a bottom will be covered in CCN's daily analysis articles during the coming days. As always, stay tuned to CCN for the latest Bitcoin price analysis. Bitcoin Price Decline Overview. It is ten months to the day since China's PBoC announced restrictions on the exchange of Bitcoin. It is a popularly held belief that this....