Bitcoin Plummets Below $3,000 on Rising China Worries (ft.com)

Posted by msmash on Friday September 15, 2017 @02:00AM from the changing-market dept.

Bitcoin dropped below $3,000 on Friday as the cryptocurrency extended a brutal eight-day sell-off that has reduced its value against the dollar by a third. Financial Times reports: The currency traded as low as $2,972, marking a 36 per cent fall from bitcoin's close on September 7, and a collapse of 40 per cent from the highs struck earlier this month. The latest bout of selling came after BTCChina, one of the country's biggest bitcoin exchanges, said it would halt trading at the end of the month. Focus has now shifted to the communist country's other two big exchanges: OKCoin and Huobi. Alternative source.

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Bitcoin's value is still up by DontBeAMoran · 2017-09-15 02:08 · Score: 5, Informative

Not only is Coindesk showing a rebound above USD$3400 but let's not forget that Bitcoin's value was only around USD$1000 at the beginning of january 2017. So it's still up 200% right now. That USD$5000 value was a bubble and it had to burst.

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Re:Also... by Luthair · 2017-09-15 02:16 · Score: 5, Insightful

Exactly what do you think is competing here? If the banking industry thought these were viable, they'd be trading them and they'd be operating exchanges.