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Bitcoin Tumbles Again After China Urges Investors to Be “Rational”

Friday, January 6, 2017 8:17
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(Before It's News)

from Zero Hedge:

After warning about cracking down on ‘virtual’ capital outflows earlier in the week, Chinese officials have come out more directly against Bitcoin this morning with the country’s central bank urging China’s institutional and individual investors should take a rational approach to investing in virtual currencies. Bitcoin in China has legged lower on the news.

As Reuter reports,

Bitcoin prices had showed abnormal fluctuations, the Shanghai head office of the People’s Bank of China (PBOC) said in a notice.

This prompted branch officials to meet representatives of a major bitcoin trading platform in China, BTCC.

They cautioned against potential risks in the platform’s operations and asked it to carry out “self-inspection” according to the law, the bank said.

It stressed bitcoin is not a currency and cannot be circulated as a real currency in the market.

The reaction is clear with Bitcoin China tumbling to 5700 Yuan – down 35% from record highs…

Read More @ ZeroHedge.com

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