[2017-01-06] Mint: Bitcoin extends losses, slides another 12% on China warning

[polynesia]

Bitcoin extends losses, slides another 12% on China warning

http://www.livemint.com/Companies/olRmULR482xYIcy8cS15MK/Bitcoin-extends-losses-slides-another-12-on-China-warning.html

Bitcoin plunged another 12% on Friday after China’s central bank urged investors to take a rational approach to the digital currency, which it has on track for its heaviest two-day falls in two years.

Bitcoin had gained more than 40%in two weeks to hit a three-year high of $1,139.89 on Wednesday, just shy of its all-time record of $1,163 on the Europe-based Bitstamp exchange.

But the digital currency—which has shown an inverse correlation to the Chinese yuan in recent months—plunged as the yuan soared on Thursday, falling as much as 20% at one point, before closing the day around 10% down on the day.

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[bitcoinisbest]

Absolutely what was expected it turned out to be opposite. With the new year the new rise saw the momentum in btc but with prices back to 900$ and still fluctuating seems to be really difficult now to say that it iwll go back 1000$+ again in the coming week. Hope China do not dump again else prices will dip to the worst.

[eaLiTy]

Absolutely what was expected it turned out to be opposite. With the new year the new rise saw the momentum in btc but with prices back to 900$ and still fluctuating seems to be really difficult now to say that it iwll go back 1000$+ again in the coming week. Hope China do not dump again else prices will dip to the worst.

The price of bitcoin may not cross $1000 again that soon, it might take some time to recover and cross the target as it was expected that there would be a correction after holidays because the price jumped from $800 to $1100 plus in a matter of days and it was obvious it would come down and then there was this news from the Chinese market which was expected if you follow the charts.

[polynesia]

More coverage of the same.

http://tech.firstpost.com/news-analysis/bitcoin-slides-by-another-12-after-chinas-central-bank-asks-investors-to-take-cautious-approach-356593.html
http://www.business-standard.com/article/international/bitcoin-extends-loss-after-china-s-central-bank-warns-investors-117011000057_1.html

[bitcoinisbest]

Absolutely what was expected it turned out to be opposite. With the new year the new rise saw the momentum in btc but with prices back to 900$ and still fluctuating seems to be really difficult now to say that it iwll go back 1000$+ again in the coming week. Hope China do not dump again else prices will dip to the worst.

The price of bitcoin may not cross $1000 again that soon, it might take some time to recover and cross the target as it was expected that there would be a correction after holidays because the price jumped from $800 to $1100 plus in a matter of days and it was obvious it would come down and then there was this news from the Chinese market which was expected if you follow the charts.

Well which charts do you follow and how do you analyze it. It quite interesting to understand the charts in case if its easy to make things simpler rather than complex. Also will btc price first cross below 800$ or will cross 1000$ is the next question.