Bitcoin BoardThe Bitcoin price has reached $450 this afternoon, after a short dip which got the price below the $440 price point. The price went as low as $424, after it went back upwards. The reason for the dip was this tweet from BTC China:
Attn All: We have just received a formal notification from China Merchants Bank. We have stopped accepting customer deposits at this bank.
— BTC China (@btcchina) April 28, 2014
Rumors about China banning Bitcoin have been floating around since January this year, and have caused the major drop from the $1200 price point to where we are now. For months several banks have been sending out warnings to Chinese Bitcoin exchanges about the legitimacy of Bitcoin in the country. Since then several banks have sent mixed signals to the world wether the Crypto Currency was Banned in China or not.
Most people have now come to the point that they are completely disregarding all Bitcoin related news from China. Most of them just want them to make a decision to stop this slow dragging down of the price. Another thing that has tanked the price is the bankruptcy of Bitcoin Exchange Mt.Gox. Although they had halted withdrawals a long time ago, they still provided a certain amount of market volume & volatility. Since they have been gone the markets have been more stagnant and less volatile.
