Bitcoin had a fantastic run last year, but the fun only lasted until January 2018 when a variety of factors contributed to Bitcoin’s massive fall. Fears of regulation in multiple markets were often cited as the main reason for Bitcoin’s fall from grace with consumers.
China was one of the most important markets to impose strict rules related to Bitcoin and cryptocurrencies, including a ban on trading the most popular coin in the world. It now looks like China may have helped decimate Bitcoin, and the country seems pretty happy with itself.
We’re now in early July and Bitcoin is recovering after having reached new lows just a few weeks ago. Regulation worries and hacks on exchanges aren’t the only explanations for the continued downturn for crypto coins.
Market manipulation has emerged as a potential reason for Bitcoin’s highs and lows, although it’ll take some time for those allegations to be sufficiently proven. Amid all that, Chinese-language Xinhua.net issued a report on Saturday relaying new data from China’s central bank regarding crypto action in the country.
Bitcoin trading in Chinese fiat (renminbi or RMB) has fallen to less than 1% of the world’s total, down from a peak of more than 90%, according to the bank. China banned initial coin offerings (ICOs) last September as well as direct trading between RMB and virtual currency. Read more from bgr.com…
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