China bites Bitcoin refuse which sank later

China bites Bitcoin refuse which sank later

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.

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World Latest New Trends Article by KalpanaKaarthik