28 Mar '14, 9pm

Price of Bitcoin Remains Under $500 Amid Uncertainty in China

Price of Bitcoin Remains Under $500 Amid Uncertainty in China

The price of bitcoin on the CoinDesk Bitcoin Price Index (USD BPI) remained below $500 on Friday 28th March, amid continued uncertainty over whether the Chinese government would seek to prohibit banks from working with digital currency exchanges. Sources in China indicated that the reports, which first surfaced on 27th March , appear to be true, though the People’s Bank of China, the country’s central bank, has yet to give any formal indication that its position on bitcoin and other digital currencies has shifted. At press time, the price of bitcoin had recovered slightly from an open of $478.16 on the CoinDesk USD BPI to $488.17, a rise of just over 2% or $10. The most recent decline began at roughly 13:00 GMT on 26th March, when the price, then holding at $588, dropped rapidly to a weekly low of $477 at 23:00 GMT on 27th March. The drop was caused by a report from China-...

Full article: http://www.coindesk.com/price-bitcoin-remains-500-amid-ch...

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