Bitcoin’s Price Resilient After PBOC Met With Nine More Exchanges
The People’s Bank of China (PBOC) issued a statement on Thursday regarding a meeting it held the previous day with nine Chinese bitcoin exchanges. When the news of the meeting broke, the price of bitcoin dropped almost six percent but quickly regained its high only hours later, and has continued to rise. PBOC’s Meeting with Nine Bitcoin Exchanges. The....
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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....
The People’s Bank of China (PBOC) initiated meetings this week with leading bitcoin exchanges in both Beijing and Shanghai. PBOC representatives in Beijing met with OKCoin and Huobi while PBOC representatives in Shanghai met with BTCC. On the evening of Friday, January 6 in China, the PBOC offices in Beijing and Shanghai both issued statements on the meetings, noting that the “recent bitcoin price is highly volatile” and that the bank encourages the exchanges to “operate strictly in accordance with the laws and regulations of China and to conduct self-examination based on related laws and....
Caixin is a respected Chinese financial news source. Bitcoin prices have dropped nearly 10% across all Bitcoin exchanges, with the bulk of the action understandably located on Chinese Bitcoin Exchanges. A few hours ago, Caixin published a Chinese article claiming that the PBOC has met with commercial banks and third party payment processors, in particular those that do, or have done, business with Chinese Bitcoin Exchanges to remind them of the PBOC's stance. This Caixin article is written by a different author than the last Caixin article that was commented on in Western media (which....
Will Bitcoin’s future rest on keeping the dragon happy? We have come a long way from an independent currency. What would you rather have? Wild speculation but a completely government free Bitcoin or a new Bitcoin run by the PBOC? Bitcoin was envisioned as a free and independent currency and it was always thought that governments could not really have a great impact on the price movement of this cryptocurrency. Indeed, it has been this aspect of Bitcoin that appealed to many people including people in countries like Venezuela, Nigeria and India where government’s mismanaged their domestic....
As a result of the recent PBOC rebuking remarks about banks still funding BTC China, the Chinese Bitcoin exchange company has halted RMB Deposits. The PBOC clarified its position on Bitcoin a few days ago and explained its stance, “The current level of services that banks and third-party payment processors provide counts as directly providing services to Bitcoin related companies. Online stores and public marketplaces that sell or trade ‘deposit codes’ from Bitcoin exchanges counts as indirectly providing services to Bitcoin related companies.”. The PBOC has said that these types of....