Price of Bitcoin Falls Under $500 Amid Uncertainty in China
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....
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Didn't get a chance to check out all the awesome news and features on CoinDesk this week? Don't panic: here are the news highlights you may have missed out on. Price of bitcoin falls under $500: The price of bitcoin dropped below $500 amid uncertainty whether the China government would try to prohibit banks from working with digital currencies. Three China-based bitcoin exchanges suspend trading: BTC38 was the first to suspend fiat-to-digital currency trading after a shift in policy from the People's Bank of China. OKCoin and FXBTC followed hot on its heels. eBay adds 'virtual currency'....
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Shanghai-based exchange BTC China has published a statement reassuring Chinese investors that its operations will resume as normal despite looming regulatory uncertainty. The People's Bank of China (PBOC) is widely expected to issue a public notice later this month, which would effectively put an end to bitcoin-related money transfers in China, including yuan deposits. The rumoured notice is expected to go official on 15th April. However, since nothing is official yet, there is plenty of misinformation floating around. In turn, the spread of PBOC-related fear, uncertainty and doubt has....
China stands among the top jurisdictions with solid opposition to crypto assets and NFT culture. The region shook the crypto space in 2021 with restrictive measures on crypto mining. It pronounced a complete crackdown on BTC mining which brought a drastic decline in the value of BTC. Also, its stance on virtual currency affected the […]
Amid political chaos and global uncertainty, one bitcoin is now worth more than $39,000 as the value of all cryptos passes $1 trillion.