Bitcoin has been on a roller coaster for the first month or so in 2017. The market has been reacting to news coming out of China, currently the largest Bitcoin trading market. Here is a blow by blow account of what has transpired to date.
The Bitcoin market started off on a high note in January as Bitcoin tops $1,000 for first time in three years as 2017 trading begins.
Bitcoin is going bananas they said!
And then it all came tumbling down as the news broke of the Peoples Bank of China meeting with the largest Bitcoin Exchanges to investigation anti-money laundering, price manipulation and whether KYC documents are in place.
China Launches Bitcoin Crackdown: PBOC Will Probe Abnormal Investor Behavior “And Rectify Misbheavior”
The Bitcoin price reacted and Bitcoin falls 10% as China plans to investigate exchanges.
Bitcoin traders in China were freaking out!
Then we heard more news… China’s Bitcoin Exchanges Suspend Margin Trading
But the market started to recover towards the end of January 2917 as Bitcoin is shrugged off some big news of out of China
All was going well until more news regarding the investigations carried out by the PBOC and the exchanges emerged. China’s Central Bank Finds Bitcoin Exchanges Out of Step on Regulation
Then we saw Bitcoin’s Price Resilient After PBOC Met With Nine More Exchanges and all seemed to be well. Until the news broke as Chinese Exchanges Suspend Withdrawals for One Month.
The Peoples Bank of China are enforcing regulation and this is a step in the right direction and will bode well for a wider spread Bitcoin Adoption and investment.
Bitcoin Price Sinks Below $1,000 as Exchanges Cut Services
The no-fee trading is stopped as China’s Bitcoin Exchanges Impose Fees Following Central Bank Meeting
Bitcoiners are concerned regarding PBOC’s Interference with Bitcoin
PBOC Actions Affected More Than Just Bitcoin Price, altcoins took a hit too!
latest development, More Chinese Exchanges Impose Bitcoin Withdrawal Delays
See the live price movement here
Image – TradeBlock
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