We need your help now
Support from readers like you keeps The Journal open.
You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.
If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.
Sign in. It’s quick, free and it’s up to you.
An account is an optional way to support the work we do. Find out more.
By continuing, you are indicating that you accept our Terms of Service and Privacy Policy.
THE PRICE OF Bitcoin has taken a major hit after China’s largest Bitcoin exchange said it wouldn’t be able to accept new deposits.
BTC China, one of the world’s largest Bitcoin exchanges, said that it would no longer be able to provide deposit services after the country blocked Bitcoin exchanges, the Financial Times reports.
This follows the Chinese central bank’s decision to ban financial institutions from using the virtual currency two weeks ago. Local demand made China one of the biggest markets for Bitcoin trading, but regulators were concerned that people would use it to bypass the country’s capital controls.
While withdrawals can still be made, the ban on purchasing Bitcoin has made trading in the country virtually impossible.
The value of one bitcoin has fallen since the start of December. While its value was €873 at the end of November, the price has now fallen to €323.
Companies currently offering clearing services to online Bitcoin exchanges and any other virtual currencies must end them by the Chinese New Year, which takes place at the end of January.
To embed this post, copy the code below on your site
Now where did I put my tulip bulbs?
You have €100K in Bitcoins aaaaand its gone!
Not if you bought at €10 and sold at €800
Don’t think your getting the South Park reference Tom!!
Oh my bad. Not a South Park watcher
This is all because we became lovers of pleasure rather than lovers of the economy.
Juan. Just like Bank shares in the boom. Your shares are worth 500k aaaannd they are now worth 4k !!!!!
I would pay 10 million bitcoins to be able to comment on that Anglo Fraud article.
Im listening Rossa, go right ahead!
Sean Quinn will be rubbing his hands together now with the Anglo PTSB fraud trials
Totally. Also nice to see these guys charged with the right thing. Book cooking. What Casey, Fitzpatrick and Drumm did is one of the the most controversial financial transactions I can think of.
I remember Casey saying he would cooperate with investigation as he had correspondence from the department of finance giving the green light to this. Gonna be interesting to see what happens. Hopefully some jail time.
Agreed. I somewhat doubt they will do time. Hopefully when Quinn has his day in court the real sh*t will hit the fan.
MrMagoo, yes, just like my house. Your house is worth €240K aaaaaand it’s now worth €100K, t his line is for people who can use their home as collateral!
I wonder where that guy who earlier in the week told me I was an idiot for thinking that a Chinese authority could wipe half of the value off bitcoin in an instant, is now?
Bit coin miners going to be mining a bit less after that.
In other news – the price of magic beans is up!
Great time to buy bitcoins now..
Before it started to take off in China, bitcoin hovered around the 100 USD mark (and as low as 50 USD right after the Boston bomb, when many thought it might be caught up in a clampdown on illicit activity).
So it seems that 50 to 100 USD looks like a more realistic valuation for bitcoin.
I would hold off on trading your EUR for BTC just now.
Source: I advise on cryptocurrencies for financial institutions.
@Robert – Don’t try catching that falling knife – at least wait for the upside ;)
Many people are using bitcoins for illegal exchanges. Well done China.
Well said kitty, and the sooner they clamp down on those Euro’s the better too. So much illegal activity funded by evil people with Euros!
Pump, then dump.
“Show me the bitcoin”
Same joke as the last Bitcoin article?
None of this is a joke for the idiots caught up in the scam!
It’s all going to end in tears. Sure we’ll just pay back what everyone lost… That’s what we do best
Bubble bobble ………
Governments seem to be scared of bitcoins simply because they can’t control the price of it. It’s increased so much in popularity since the economic downturn I don’t see it going away anytime soon. As for the person above who says it’s used in illegal activity – what currency in existence today is not used in illegal activity?
So how is FIAT currency that is brought into existence from the ether (which also doesn’t exist) not qualify as ‘magic beans’ and not ridiculed in the same manner? Because people have faith in them and that same faith is being erroded by the day with global printing in a race to the bottom in order to drag themselves out of a depression. Bitcoin exists because people are looking for alternatives. The Japs have announced they are going to print the Yen into oblivion, The US has printed 5 trillion USD(yes trillion) since 2008 that has created new bubbles and unintentended consequences. When these new bubbles burst that money will flow like a tsunami into other assets and we enter into hyperinflation as the USD collapse will impact all. History has thought us that all FIAT currencies not backed by anything are certain to failed and the current imposters will be no different. Maybe Bitcoin will fail as well but at least its limited in supply which gives it some value.
[citation needed]
Only 150 new bit-coins can be made an hour.
Ah the state institution effectively sees to it that any rival non fiat currency is destroyed, to ensure state control. Total terrorism in my view. Don’t delude yourself that it won’t or rather doesn’t happen here.
In other news – the price of magic beans is up!!
have your say