[2013-12-06]Digital Currency Tanks After Chinese Internet Company Suspends Usage

[goxed]

http://www.businessinsider.com/bitcoin-falls-below-900-2013-12
Bitcoin prices on the Mt. Gox exchange have fallen 24% from Friday highs to below $900 after Baidu announced it would stop accepting Bitcoin for its music service users.

According to multiple reports, the Chinese search giant issued a statement saying:

Dear acceleration music users:

Due to the recent fluctuations in the price of Bitcoin larger unable to protect the interests of users, in response to the risk of state-controlled bitcoin spirit Baidu music accelerate decision to suspend with immediate effect from accepting bitcoin buy accelerate music services.



Read more: http://www.businessinsider.com/bitcoin-falls-below-900-2013-12#ixzz2mj4VjTLU
also

NEW YORK (MarketWatch) -- The price of bitcoin fell over 24% from its daily high on Friday after Chinese Internet company Baidu said it would stop accepting the digital currency for service payments, according to news reports. The plunge in prices came a day after the People's Bank of China said it would not consider bitcoin a real currency . The fate of the virtual currency has been seen as increasingly linked to China, making announcements like the one from Baidu particularly scrutinized. Bitcoin was last trading on the Mt. Gox exchange at $877.46.

[laowai80]

Good testing for bitcoiners. Believers will hold, weak hands who bought in to make a quick buck will sell. Bitcoin community will grow only stronger after all this in the coming year.

[Gabi]

Nothing new, sell high and buy low

[LiteCoinGuy]

not good news but its still a long way to go for bitcoin. maybe they accept it agian in 6 month...

the important part is: the exchanges in china are still allowed to do business and also merchants can accept bitcoin. finally china got his KYC and AML rules in place like most of all countries already have.

and:



 

[bitpop]

Bitcoin chilling

[beetcoin]

Nothing new, sell high and buy low

this is what i think is happening too. intentionally crashing of the market. get your group of buyers to dump and profit.