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BTCUSD could not manage to establish its all-time highs, plummeted from the recent highs of 1163 to the current 758 levels in just 2 weeks. Well, bears getting traction ahead if you have to look into the volumes indicator on weekly chart, the considerable volumes have been formed on respective price declines. By that we mean, none could conclude this as a panicky sell.
They say that the sunlight serves as the best sterilizer and the Chinese central bank (PBoC) just opened the shades on bitcoin. According to various media sources, the PBoC would conduct ongoing scrutiny on exchanges of digital currencies - this has caused the price of bitcoin to crash 14 pct on last Wednesday, by now a 33 pct slump in this month’s trading.
In a statement announcement, the People’s Bank of China said its Shanghai branch would scrutinize bitcoin-related business to determine whether they have obtained the necessary licenses to provide credit or operate an exchange and implemented stringent anti-money-laundering systems.
As a result, participants in this digital currency seem to be panicky and the Chinese government is deemed as the world’s second largest economy is again striding up its anti-bitcoin rhetoric.
Digital currency experts attribute at least part of a more than 100% run-up in bitcoin prices last year to Chinese investors, who have reportedly been using bitcoin to circumvent China’s strict controls on the movement of capital.
Bitcoin prices tanked on Wednesday after Chinese authorities said they would begin investigating local bitcoin businesses to ensure compliance with Chinese laws.
A few analysts on digital currency attribute at least part of a more than 100% run-up in bitcoin prices last year to Chinese investors, who have reportedly been using bitcoin to circumvent China’s strict controls on the movement of capital.
The heaviest selling occurred on Chinese exchanges, where the bitcoin-yuan rate was trading at a discount equal to about $10.
Hence, having no other reliable underlying facts and figures, we at FxWirePro would also perceive these price slump is just as a panicky sell coupled with this news of scrutiny.
