Who wrote this article?

Deepak Shenoy, Capitalmind's research team.

BitCoin Crashes 50% After China Stops Banks from Handling It

7 Dec 2013Deepak Shenoy1 min read

Quick Facts

What is "BitCoin Crashes 50% After China Stops Banks from Handling It" about?
What category is this article in?: General
Who wrote this article?: Deepak Shenoy, Capitalmind's research team.
When was this article published?: Published 7 December 2013.
How long does this article take to read?: 1 min read
What topics does this article cover?: Bitcoin

[blurb-capmind-prem]

In a couple days, the Bitcoin price at Mt. Gox, a large Bitcoin site, crashed from $1,200 to less than $600, recovering marginally to $750 today.

China has banned financial institutions from handling Bitcoin transactions, says Bloomberg:

The People’s Bank of China said financial institutions and payment companies can’t give pricing in Bitcoin, buy and sell the virtual currency or insure Bitcoin-linked products, according to a statement on the central bank’s website.

This volatility can kill a small trader. However, the bubble is still out there.

Also read: The Bitcoinundrum: To Buy or Not to Buy?