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[MICRO]

Deposit Freeze at Chinese Exchanges Drives Bitcoin Price Below $400
Stan Higgins | Published on April 10, 2014 at 23:35 BST | Asia, Exchanges, News, Prices

The price of bitcoin on the CoinDesk USD Bitcoin Price Index (BPI) fell below $400 for the first time since November 2013 on 10th April, as major China-based bitcoin exchanges began reporting that they had received notice that their bank accounts would be shut down by banking partners.

The initial drop occurred following an announcement from Chinese exchange BTCTrade.com, which was then corroborated by similar statements from Huobi and BTC100.org.

china, price, ban

The price of bitcoin has fallen rapidly in recent weeks, after rumors surfaced on 27th March that suggested the PBOC, China’s central bank, would be looking to more tightly enforce restrictions it passed in December meant to ensure a separation between its nationalized banking system and the nascent digital currency industry.

Though no official announcement of the new policy has been made, the statements from major exchanges suggest that the rumored 15th April deadline for the enforcement of this stricter rule interpretation is being enforced.

USD markets plunge 13%

As illustrated by the USD BPI, the sell-off began at approximately 1:00 UTC on 10th April.

The price fell from $440 to $410 within a few hours of BTCTrade.com’s initial announcement, before fluctuating between $407 and $412.

At 15:00 UTC, the price began to fall precipitously, tumbling from $406 to $389 by 15:15 UTC. Two hours later the price briefly climbed above $400 before sliding into the $390 range.

At press time, the price of 1 BTC on the USD BPI was $381.

CNY markets down 11.4%

Chinese markets reacted quickly to the news from domestic exchanges.

According to the CoinDesk CNY BPI, the price slipped from ¥2,726 to ¥2,490 within five hours of the announcement.

Screen Shot 2014-04-10 at 6.24.31 PM

After reaching a then-low of ¥2,248, the price fluctuated over the next 10 hours, peaking at ¥2,531 at 8:30 UTC. The price began to fall at approximately 14:30 UTC, slipping from ¥2,508 to ¥2,424 over the next 45 minutes.

At press time, the price of one bitcoin on the CNY BPI was ¥2425.

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[bitkoof]

Hi Micro

Can you please refrain from copy and pasting full articles from CoinDesk.

By all means post a summary and link to the original source.

Many thanks

Keith

[MICRO]

Hi Micro

Can you please refrain from copy and pasting full articles from CoinDesk.

By all means post a summary and link to the original source.

Many thanks

Keith

I closed this thread anyways . Will not post any more news.

[bitkoof]

Thanks 

[hhussain]

In my perspective the best source of information would rather be the social media platforms, yes people may argue that information provided is tamperd with a lot but it is also important to know which information you are following, if you are following a page that has a huge fan following or rather a page followed by a good investor then don't worry.

[quyenpann198]

It all depends how you manages the thread, because there is no shortage of news on this forum but arranging all those into one good thread will be a huge task, thats why a blog is more useful for that .

[renata.tuncha@ex.ua]

I have found a really safe application. It calls Socratus. It is a insurance ecosystem which provide a digital platform for insurance companies . So any insurance company can connect the platform to become the part of Insurance Digital Ecosystem such as property, flight delay, cyber insurance and etc. Their main aim is to help insurance companies to reduce costs (it can be reduced from 15 to 25 %) and  get their business on new level. Also, they powered by Smart-contracts & Socratus Oracles.It means that there is no more solo human decisions to pay or not to pay, no more lingering manual claims handling procedures. From my point of view, it is innovative and fit the market.

[nhokculk]

Can that promoting post above be deleted or moved into separate thread? The post spoils this thread's purpose in my opinion