The crypto-market took a set back last week after rumors about new China restrictions. Bitcoin dropped from $725 to $675 on Fxopen during a short 12-hour period. Litecoin followed a similar pattern that day, falling from $3.99 to $3.80 in 8 hours.
Bitcoin Drops $50 on China Rumors
Bitcoin prices dropped $50 or close to 7 percent on November 3rd on speculation about new China restrictions. According to a news story that first appeared on the Bloomberg terminal, Chinese officials are mulling restrictions on domestic bitcoin exchanges. The new rules would impose limits on moving certain volumes of bitcoin and other digital currencies abroad. Allegedly officials are worried that the exchanges are used to circumvent domestic capital restrictions.
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