As a result of the reported crackdown by the PBOC, Bitcoin price has dropped to around $450 from its recent high of around $500 after recovering from yet another China scare. The price drop indicates that traders are panicking due to the China news. It almost feels as though there is some form of manipulation being instigated by the Chinese Bank officials as it would seem that they still haven’t made up their minds. It is also important to note that Caixin has a reputation of spreading rumors hence this recent news should be taken with a grain of salt.
This is why I was telling many times - we should look at our markets. Instead of listening to rumors.
