Bitcoin Plummets After China Bans It From Banks

Down 30 percent

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Sean Gallup / Getty Images

Bitcoin prices began dropping rapidly Thursday following the People’s Bank of China’s announcement that it was barring the digital currency from all of China’s financial institutions. Individuals can still use Bitcoin, albeit at their own “risk.”

While Bitcoin was trading at a high of $1,240 prior to the statement, it quickly sank to a low of $870, a 30 percent drop.

Bitcoin’s price has always been volatile. In November, the currency made news when it reached what was then an all-time high of $305.

 

 

 

 

8 comments
CEXio
CEXio

Yeah, and now you can mine Bitcoins INSTANTLY on the cloud with services like:


https://cex.io/r/1/captain12/0/

CEX lets you mine Bitcoins on their cloud service, so you don't even need your own hardware anymore. Instant, scalable, and liquid - allowing you to resell your mining space at any time.

Irony
Irony

In related news, I hear tulip bulbs are doing spectacularly.

daridekas
daridekas

Bitcoin is just another bubble.soon is going to burst.

admin2:invetrics

dariopy
dariopy

Aaand it's back above 1000 already.

GreenspanSmokesRocks
GreenspanSmokesRocks

god dammit you think this is a bad thing?  it is a good thing!!  Bitcoin is a DE-centralized currency!  

You could call it a BAN if the people were forced not to use it.  But that is not what happened.

MattCooper
MattCooper

Aaaaand it's down to about $870 right now.

eagle11772
eagle11772

@GreenspanSmokesRocks I agree.  I think Bitcoin is a great idea.  Arguably, it's a Libertarian idea.  If you want to buy Bitcoins, then do so.  If you don't want to, then don't.  Nobody is forcing you to do either.  (Unlike the Stalinist OBAMACARE).