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BusinessNews

Bitcoin Slides Another 12 Percent on China Warning

Farouk Mohammed
By Farouk Mohammed
Published: January 6, 2017
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Bitcoin plunged another 12 percent on Friday after China’s central bank urged investors to take a rational approach to the digital currency, which has is on track for its heaviest two-day falls in two years.

 

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Bitcoin plunged another 12 percent on Friday after China’s central bank urged investors to take a rational approach to the digital currency, which has is on track for its heaviest two-day falls in two years.Bitcoin

Bitcoin

Bitcoin had gained more than 40 percent in two weeks to hit a three-year high of $1,139.89 on Wednesday, just shy of its all-time record of $1,163 on the Europe-based Bitstamp exchange.
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But the digital currency – which has shown an inverse correlation to the Chinese yuan in recent months – plunged as the yuan soared on Thursday, falling as much as 20 percent at one point, before closing the day around 10 percent down on the day.

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On Friday it fell to $887, having lost almost a quarter of its value since Wednesday’s peak.

Bitcoin prices had showed abnormal fluctuations, the Shanghai head office of the People’s Bank of China (PBOC) said in a notice. It stressed bitcoin is not a currency and cannot be circulated as a real currency in the market.

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ByFarouk Mohammed
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Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
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