General

BitCoin Crashes 50% After China Stops Banks from Handling It

Dec 07, 2013

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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?

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