Blog Archives

Bitcoin breaks $500 after rumored China deadline passes

Posted on 15th April, 2014

According to the rumor posted last month by China’s Caixin financial news service, April 15 would be a day of reckoning for bitcoin exchanges across the country. Accounts would be closed, and remaining funds seized. Customers would be unable to deposit new funds to buy bitcoin, and exchanges would be unable to deposit earnings in […]

Bitcoin price on the upswing as China feared crackdown fails to materialize

Posted on 14th April, 2014

For the past six weeks, fear of a looming crackdown on bitcoin-related banking accounts in China has pushed cryptocurrency prices down across the board. Bitcoin, which was trading in the $630 range even in the immediate aftermath of the Mt.Gox fiasco, plummeted to under $360 last week amid speculation that the People’s Bank of China […]

Chinese bitcoin exchanges consider leaving China

Posted on 12th April, 2014

Chinese bitcoin exchanges have had a rough month. They’ve seen the price plummet, several rounds of sell-off panic and dealt with unprecedented levels of insecurity for their own financial accounts. Just a few days ago, many of the major Chinese exchanges were informed by their banking partners that most of their current deposit services and […]

Chinese exchange Bter reinstates wire-transfer deposits

Posted on 8th April, 2014

For the last several weeks, the bitcoin-related news coming from China has been filled with gloom and doom. With the new People’s Bank of China policies still unconfirmed, many Chinese exchanges have taken preemptive steps to ensure compliance before the rumored April 15 changes. One exchange, however, is simply returning to basics. Last night, Bter […]

Chinese exchange BTC38 halts fiat transactions in anticipation of bitcoin ban

Posted on 2nd April, 2014

Last week, Chinese business newspaper Caixin reported that the People’s Bank of China had plans to ban all banks and third-party financial systems from working with the country’s 15 bitcoin exchanges. The rumor sent bitcoin prices into a steep plunge, dropping to around $450. Today, those rumors have a bit more fuel. Chinese exchange BTC38 […]

Report: People’s Bank of China deputy director says bitcoin is a commodity

Posted on 29th March, 2014

In a brief post on Asian market bitcoin blog Bit-Sky, a deputy director of the People’s Bank of China addressed his institution’s view of virtual currency in a speech at the 2014 Spring Summit of China Internet Finance Conference. According to Bit-Sky, the deputy director said: Now, the currency is fiat currency, sovereign currency. Is […]