That Giant Bitcoin Crash in the Wake of China Restrictions? It Never Happened.

crashbitcoin30 Dec 2013 / AllThingsD – When news surfaced two weeks ago of a fresh round of restrictions that China was placing on businesses transacting in the bitcoin ecosystem, the value of bitcoin plummeted.

The CoinDesk Bitcoin Price Index, for example, showed that bitcoin traded as low as $422 around Dec. 18, when the large Chinese exchange BTC China acknowledged that it wasn’t accepting new deposits in the local currency until it could find a new payment processor that would do business with it.

But a funny thing has happened since then: Bitcoin hasn’t experienced an all-out crash. Instead, its value has recovered. A lot.

As of this writing, CoinDesk’s index, which takes the average of bitcoin trading values from three global exchanges (not including BTC China), pegs the value of bitcoin at about $755. That’s a 79 percent increase in a little less than two weeks….. Read more

http://allthingsd.com/20131230/that-giant-bitcoin-crash-in-the-wake-of-china-restrictions-it-never-happened/?utm_source=dlvr.it&utm_medium=twitter

Follow Twitter

Exchange Rate

Cart