[2017-02-19] Bitcoin Price Recoups All Losses From PBoC Crackdown

[traderman]

Bitcoin Trades at $1060 Again; Recoups All Losses From PBoC Crackdown on Chinese Exchanges

As of today, the price of Bitcoin has recouped all losses that were incurred on February 9th, when the People’s Bank of China spooked majority of Chinese cryptocurrency exchanges into complying with existing financial regulations.

The PBoC warnings sent the price of Bitcoin crashing from $1066 to $914 in the space of a three hours that day. Today, the BTC/USD exchange rate is once again hovering around $1060.

Full article: http://www.razor-forex.com/2017/02/bitcoin-trades-at-1060-again-recoups.html

[Kprawn]

The PBoC forced people to use other methods to trade bitcoins and they found that through Localbitcoin. So you will see much less volume on the

exchanges, even once the "blockages" have been uplifted and removed. One day, someone is going to figure out how to operate a decentralized

Bitcoin exchange and people will moved rapidly over to those services or we will not have a use for them, because Bitcoin will replace fiat.