Bitcoin Falls as China Announces Fresh Warning on Cryptocurrencies

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By Giles Coghlan, Chief Currency Analyst at HYCM

Last month Bitcoin was strongly bid on the comments from China’s President Xi (Oct 24) that China should accelerate its development of block chain technology. Investors assumed that this would involve a mainstream welcome to existing cryptocurrencies. However, that initial enthusiasm in price has now slumped on the realisation that President XI’s positivity on blockchain may not include Bitcoin. The People’s Bank of China have recently warned that it will tackle growing cases of illegality involving virtual currencies. The PBOC also warned investors not to confuse blockchain technology with cryptocurrencies.

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