• Safi Bello

Bitcoin Dropping After China Warning

According to CoinDesk -- The People's Bank of China (PBoC) released two statements this morning, outlining that it had met this week with representatives from BTCC, as well as Huobi and OKCoin - exchanges which host the majority of global bitcoin trading today - and warned them about remaining in compliance with state laws and regulations. After this meeting Bitcoin plunged by as much as 12 percent on Friday. China's central bank urged investors to take a rational and cautious approach to investing in the digital currency, which is on track for its heaviest two-day drop in two years. According to Reuters the web based digital currency, which has shown an intriguing inverse correlation to the Chinese yuan in recent months, plunged as the yuan soared on Thursday, falling as much as 20 percent at one point. Bitcoin fell as low as $871, down almost a quarter from its peak on Wednesday, before recovering to about $900 by 1455 GMT (9:55 a.m. ET). That still left it down 10 percent on the day and on track for its worst two-day performance since January 2015. To get more information on the Bitcoin slide after China warning click the pictures below to read the articles.

Through Rally or Crash, Here's Why Bitcoin Buyers Are Nervous About China - Read More from Bloomberg News
Bitcoin plummets over 23 percent after nearing all-time high as 'volatile little bubble' bursts - Read More from CNBC
Bitcoin is still dropping - Read More from Business Insider
China's Central Bank Issues Warnings to Major Bitcoin Exchanges - Read More from CoinDesk
China’s Big Bet on Bitcoin Ends in Tears - Read More from Barron's
PBOC Meets With Leading Chinese Bitcoin Exchanges Amid Price Volatility - Read More from Bitcoin Magazine

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