Bitcoin Price Drops 5% as New China Rumors Stoke Trading

in news •  2 years ago

After weeks of gains, the price of bitcoin fell back today, dropping roughly 6% on unconfirmed reports that Chinese regulators may soon take measures to restrict domestic exchange activities.

First reported by Bloomberg, the news source is said to have published a report detailing how Chinese officials could soon prohibit domestic bitcoin exchanges from moving certain volumes of bitcoin and other digital currencies abroad.

Of note, the article alleges, are concerns that bitcoin exchange users may be buying bitcoin on local exchanges and selling abroad, thereby evading foreign exchange rules.

At press time, however, the article in question was not available online, though it was cited by other news outlets including Sina and ZeroHedge.

Price declines began at 15:00 UTC, seemingly coinciding with the spread of the news across social media. The price would fluctuate wildly over the course of the day's trading, rising to a high of $744 and falling to a low of $677.

But given the uncertainty surrounding the news, some analysts said the market was likely using the reports as an opportunity to capitalize on a pending market panic.

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The old "China has banned bitcoin" rumour, so beloved from 2014 and 2015!

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