Friday, September 15, 2017

Crypto News: Chinese Bitcoin Exchanges Will Likely Not Be Banned After All

Chinese Bitcoin Exchanges Will Likely Not Be Banned After All

Over the past week, inaccurate news regarding the supposed ban on Chinese bitcoin exchanges in mainstream media outlets in China and the US including Caixin, the WSJ and Bloomberg have shaken the bitcoin markets.

Almost immediately after the release of Caixin’s report, bitcoin’s price endured a minor correction, falling to around US$4,100. Despite showing signs of recovery, followup reports from the WSJ, Bloomberg and other Western news publications caused the bitcoin price to decrease to US$3,790.

While some analysts have speculated that the baseless criticism from JPMorgan Chase CEO Jamie Dimon led to the minor downturn, bitcoin experts including Blockstream CEO Adam Back stated that attributing the decline to Dimon’s statement is far-fetched, mainly because Dimon has continually criticized bitcoin since 2014. Back explained:

“I doubt Dimon had any impact. Reaction is just china. I’ve been buying the ‘china bans bitcoin’ dip every time, each time move is smaller.”


Full story at http://bit.ly/2x64NHP


Source: The Merkle


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