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 MELTDOWN: BITCOIN CRASHES TO $576

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PostSubject: MELTDOWN: BITCOIN CRASHES TO $576   Sat Dec 07, 2013 2:43 pm

MELTDOWN: BITCOIN CRASHES TO $576

Bitcoin fell from a high of $1,079 to a low of $576 today. This is according to data from Mt. Gox. Also, this represents a breathtaking 46% crash.


Currently, Bitcoin is back to the $700 level. This is still down a whopping 35%.

The sharp moves come in the wake of China's clampdown on the controversial digital currency.
Earlier this week, the People's Bank of China announced it was barring the country's banks from handling the Bitcoin. (That Thursday announcement was followed by a 30% intraday crash.)

That was followed by this announcement from Baidu, aka "the Chinese Google":
Due to the recent fluctuations in the price of Bitcoin larger unable to protect the interests of users, in response to the risk of state-controlled bitcoin spirit Baidu music accelerate decision to suspend with immediate effect from accepting bitcoin buy accelerate music services.
Horrific price volatility has been one of the biggest criticisms.

This week, Bank of America Merrill Lynch currency strategist David Woo initiated coverage of Bitcoin, assigning a $1,300 fair value.

"We believe Bitcoin can become a major means of payment for e-commerce and may emerge as a serious competitor to traditional money transfer providers," wrote Woo in a 14-page note to clients. "As a medium of exchange, Bitcoin has clear potential for growth, in our view."


Read more: http://www.businessinsider.com/bitcoin-crashes-to-576-2013-12#ixzz2mostTYXp

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PostSubject: Re: MELTDOWN: BITCOIN CRASHES TO $576   Sat Dec 07, 2013 2:44 pm

BITCOIN IS CRASHING — Digital Currency Tanks After Chinese Internet Company Suspends Usage



Bitcoin prices on the Mt. Gox exchange have fallen 24% from Friday highs to below $900 after Baidu announced it would stop accepting Bitcoin for its music service users.

According to multiple reports, the Chinese search giant issued a statement saying:
Dear acceleration music users:
Due to the recent fluctuations in the price of Bitcoin larger unable to protect the interests of users, in response to the risk of state-controlled bitcoin spirit Baidu music accelerate decision to suspend with immediate effect from accepting bitcoin buy accelerate music services.

This follows the People's Bank of China's announcement that it would not allow banks to handle the virtual currency.
There is also speculation China Telecom has stopped accepting Bitcoin, although we couldn't confirm this.

China had been a huge driver of Bitcoin's growth last month and is now believed to account for the majority of Bitcoin trading.

Earlier, the Bank of France warned against using currencies not backed by central banks.
However, Bitcoin also seemingly stood to benefit from a fairly bullish outlook issued by Bank of America analyst David Woo.
Chart:


ClarkMoody



On ClarkMoody.com, a site that tracks the Mt. Gox exchange, prices fell as low as $800. The sell-off appears to have caused Mt. Gox to malfunction so we can't verify whether those prices are accurate.


Read more: http://www.businessinsider.com/bitcoin-falls-below-900-2013-12#ixzz2motv4BHf

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