China bitcoin ban

In the last week, after Bitcoin all time high, the value reduced a bit but it is still stable above 4100$ mark. Most likely this fall was caused because of the regulatory policies in China, which are planning to ban the virtual currencies. The country’s central bank created draft instructions that would ban Chinese virtual currency trading service. This announcement of Chinese authorities along with speculations of domestic investors caused Bitcoin to soar. The current trading volume is less the half compared to the volume in the period from February till May.

With a connection to the Chinese market, it is known that China is using Hong Kong as a sandbox for economic and financial innovations, so the trading volume of bitcoin in Hong Kong is reaching all time record of 6,150,000 HKD and there are no signs of slowing down. Analytics say that next few weeks will be very interesting and dynamic for the Bitcoin in this part of the world.

On the other side of the world in South America, the Bitcoin trading is witnessing a dramatic spike and reaching new records in volume in Brazil, Peru, Colombia, and Chile.

One Reply to “China bitcoin ban”

  1. Bitcoin has seen rapid increases during the last year and there will be some who are claiming that the success is about to end and the currency plummet. Some of us continue support the idea of a user owned currency away from the reach of the financial establishment. We don’t believe that the currency is past it’s best. We shall be sticking with Bitcoin and are quite certain that Bitcoin will keep rising faster than before.

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