Bitcoin News Feed [07 Jan 2017] - Phase I
China to Restrict Bitcoin Marketing, But Blockchain Firms Unaffected
Just hours after it was first revealed that the People's Bank of China (PBoC) had held closed-door meetings with domestic bitcoin exchanges, new details are emerging about the conversations. According to a new report by Caixin, the PBoC sought to restrict how the exchanges could seek to acquire potential new users, with the central bank indicating that the startups aren't able to mention the depreciation of the yuan in connection with marketing or otherwise promote their services offline. ...... [Read Full News]
2013 to 2017: Comparing Bitcoin's Biggest Price Rallies
For bitcoin's investors, traders and enthusiasts, an answer to this question might be harder to give today than you might imagine. Bitcoin prices surged above the $1,100 mark this week (near all-time highs) only to sink back down to earth amid higher volatility and foreboding – if not unclear – news out of China. Taken together, the developments evoke memories of 2013, when the price of bitcoin surged to similar levels, bringing the digital currency to international attention. ...... [Read Full News]
Report: Chinese Regulators Exploring Bitcoin Connection to Capital Flight
Though details are currently scarce, Chinese regulators are reportedly looking into the use of bitcoin to avoid capital controls. According to Tencent Finance, the State Administration of Foreign Exchange (SAFE) is exploring how bitcoin can be used to circumvent capital flight. The news website cited unnamed sources close to regulators, and Tencent’s report was later cited by Bloomberg. .... [Read Full News]
Bitcoin Exchange BTCC Responds to Chinese Central Bank Statements
China-based bitcoin exchange BTCC has publicly commented on statements issued by the country’s central bank. The People’s Bank of China (PBoC) released twin 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. .... [Read Full News]
All Eyes on Beijing as Bitcoin Investors Anxious for Stability
Speculation is growing that Beijing is behind Bitcoin’s sudden $300 drop Thursday, as an uptick in yuan/ dollar value causes a bubble to burst.
“The Chinese government’s policy is an important factor,” Joseph Yang, a finance worker who owns about $2 million of bitcoins, told Bloomberg Friday. “There may be room for further gains in price, but there’ll be a big pullback soon. It’s hard to sustain such a rapid rise for a long time.” ... [Read Full News]
Pop? Bitcoin Drops $300 In Hours as Bubble Fears Emerge
The price of Bitcoin has dropped from today’s earlier almost $1,200 high to under $940 – a comedown of $300 in a matter of hours.
The current press-time price of $987 per coin on Coinmarketcap represents a similar move to that which propelled Bitcoin above $1,000 from its mid-800s level two weeks ago. If the current price holds, Bitcoin will have still corrected upwards overall. .... [Read Full News]
How the People’s Bank of China Denied Bitcoin’s ATH
The latest Bitcoin rally which started in August of 2016 has been single-handedly crushed by a government backed financial institution, what a surprise right? After the 6 month rally Bitcoin approached its ATH which is currently $1163 (Bitstamp). The price peaked at $1139, just $24 shy from breaking the record when the PBOC decided to issue a “warning” regarding the cryptocurrency. ..... [Read Full News]
This post has been ranked within the top 80 most undervalued posts in the first half of Jan 07. We estimate that this post is undervalued by $3.23 as compared to a scenario in which every voter had an equal say.
See the full rankings and details in The Daily Tribune: Jan 07 - Part I. You can also read about some of our methodology, data analysis and technical details in our initial post.
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A few days ago the Financial Times, MIT and other organizations were putting out releases about how Bitcoin's rise is meaningless primarily because the market cap when compared to all financial transactions and instruments is a "rounding error." Ergo, nobody should care about Bitcoin. If that's really the case, then why the warning's and pronouncements from the PBOC and other central banks? They really ought not care if there's nothing to see here.