Bitcoin Price Drops 8% Amid China Rumors, Who’s to Blame?
Following several healthy weeks, bitcoin has fallen to about $705 from a high of $740, and investors aren’t happy. The new rules that China is possibly implementing would limit bitcoin trading by preventing exchanges from transferring funds to platforms outside Chinese borders.
There would also be restrictions on how much one sends or receives. These moves are all part of an ongoing attempt to bring the yuan’s value back to normalcy. The currency recently experienced its lowest point in six years, and regulators feel banning bitcoin is the ultimate solution.
The good news is that these are all simply classified as “rumors.” The bad news is that bitcoin’s price has dropped, and if the Chinese rumors are false, then we’re no closer to finding the true cause of the drop.
http://bitcoinist.net/bitcoin-price-china-rumors/