Ignore what’s happening in China, Bitcoin’s not going away

bitcoinCOIN20 Dec 2013 / Silicon Angle – Bitcoin values plunged yet again on Wednesday after BTC China, the world’s largest Bitcoin exchange, confirmed that it can no longer accept cash deposits in Chinese Yuan Renminbi, according to the AP news agency.

BTC China’s announcement comes following rumors that first emerged this week – that the People’s Bank of China had banned third-party payment processors from funding Bitcoin exchanges in the country. Just hours BTC China made its announcement, the price of Bitcoin fell to $520, before clawing its way back to $664 at the time of writing, according to the weighted average on Bitcoinaverage.com.

In related news, China’s central bank website was reportedly hacked on Wednesday, in what may have been a revenge attack launched by Bitcoin users. CNN reports that both the central bank’s website and its Weibo account (Weibo is the Chinese equivalent of Twitter) were hit by Distributed Denial of Service (DDoS) attacks and briefly taken offline. By Thursday, both sites appeared to be working normally again.

Before the Peoples Bank of China launched its crackdown on Bitcoin, the cryptocurrency’s value had soared to previously unseen heights of around $1,150, due to strong demand from Chinese investors….. Read more


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