Bitcoin Price Drops $40 Following Reports of New PBOC Warnings
The People's Bank of China (PBOC) has once again privately warned banks and payment companies to restrict customers' access to bitcoin exchanges, reports indicate. The news is likely to have affected the international bitcoin price, which dropped by around $40 in the space of a few hours this morning. CoinDesk sources said that PBOC officials held closed meetings this week with major banks and payment processors to reiterate their desire for all interaction with bitcoin companies to cease. While there have been no big policy shifts since last December's initial statements, at various....
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Bitcoin started dropping in price once again Wednesday after Chinese authorities stated exchanges “were violating rules.” PBoC: Rules ‘Violated’, AML Measures ‘Not Sound’. Inspections conducted on Huobi and Okcoin by a joint group of overseers including the People’s Bank of China (PBoC) revealed what a statement calls “margin trading which violated rules, resulting in abnormal price fluctuations on the market.” “During the inspection, it has also been discovered that these platforms had not established [a] sound [anti-money laundering] system according to regulations,” the statement,....
BTCC, the leading Chinese Bitcoin exchange platform cooperates with PBOC officials as they wait for yet to be published inspection report. The Bitcoin market in China is currently faced with uncertainties. Since the recent price drop, the digital currency platforms operating in the country have come under the scrutiny of the People’s Bank of China (PBOC). During the recent inspection of Chinese cryptocurrency exchanges, PBOC reportedly found few “hidden risks” in their existing practices. As the central bank continues to contemplate further action, Huobi, OKCoin and BTCC have made few....
PBOC Makes new statement on Bitcoin Exchanges. As usual confusion is surrounding the most recent news out of China. Early Thursday it was reported by multiple media outlets that the PBOC had ordered banks to close the accounts of virtual currency exchanges. At first many thought the news was just another false rumor for the purpose of depressing the market to allow a cheap buy in. It appears, however, that the reports may have been correct (including those at CryptoCoinsNews) and that Chinese domestic banks may no longer do business with websites that trade in digital currencies. According....
The price of bitcoin has declined more than 11% already today, a development that comes amid a week of high market volatility. The movements are the latest in a week of trading that has seen the price of the digital currency nearing all-time highs before falling nearly $200 in a matter of hours and later recovering. At press time, the price of bitcoin is averaging $899.00 across global exchanges, according to data from the CoinDesk Bitcoin Price Index (BPI). The news also notably follows a decision by the People's Bank of China (PBoC), China's central bank, to publicly disclose that it had....
The bitcoin price has started to recover already, even though there was no need for panic-selling in the first place. The PBOC temporarily “spoiled” a new all-time high for bitcoin once again. To be more precise, the bank revealed they will hold a closed-door meeting with several bitcoin exchanges later today. It is not the first time this happens over the past few weeks, hence there is no reason to panic. That said, the news sent some shockwaves through the bitcoin trading community as the price dropped by nearly 6% before recovering. As one expects from a private meaning, no one knows....