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Bitcoin plunges post PBOC warning

11 January 2017 3

Bitcoin, the digital currency, plunged after China's central bank urged investors to be more cautious while dealing in the digital currency. Bitcoin prices had showed abnormal fluctuations in the past few days.

Bitcoin had gained more than 40 percent in two weeks and jumped over the $1,000 mark to hit a three-year high. But the digital currency plunged and witnessed its heaviest two-day falls in two years.

The price fell around $50 after People's Bank of China said it had initiated investigations on bitcoin exchanges in Beijing and Shanghai. The exchanges which include BTCC, Huobi and OKCoin are being investigated to look into possible market manipulation, money laundering, unauthorized financing and other issues.

The exact reasons for the currency's rise and fall are unclear. But according to some analysts, these fluctuations have been caused by Chinese investors who are resorting to moving their currency out of China owing to the fear of further devaluation of the renminbi.

Bitcoin fell from around $909 to end at day's low of $861 on the Europe-based Bitstamp exchange.


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