China
Bitcoin values came crashing down following
reports over ban on trade for Chinese banks. One Bitcoin which was trading at
an all time high of 7,588 Yuan ($1250) a month earlier came to a low of 2,560 Yuan
($421).
The crash of Bitcoin in BTC China, which is
the world's biggest Bitcoin exchange by sheer trading volumes, had adversely
affected the exchanges in other countries which came down tumbling over panic
sales.
Officials with
the Chinese government had earlier raised concerns over the usage of Bitcoin as
way to bypass monetary and capital controls and move Yuan out of the country
which will have negative impact over its domestic economy.
for more information:http//trendskalpana.blogspot.in