Bitcoin tumbled by more than 4% in a matter of 15 minutes on Wednesday after Bloomberg reported that the People's Bank of China was meeting with several local bitcoin exchanges to discuss money-laundering concerns.
ADVERTISEMENT
Bitcoin dropped sharply and suddenly on more news out of China
Bitcoin tumbled by more than 4% in a matter of minutes.
Bitcoin
ADVERTISEMENT
Recommended articles
Bitcoin has had a wild start to 2017 after gaining 120% in 2016 to become the top-performing currency for the second year in a row. The cryptocurrency raced to a gain of 20% in the opening days of the year as speculators, mainly from China, poured in.
Bitcoin then crashed 35%, however, on fears that China would crack down on trading, bottoming near $750 a coin. Then the cryptocurrency managed to grind higher despite news that China's three largest exchanges said they would implement a flat fee of 0.2% on all transactions.
Bitcoin is now trading down 1.5% at $1,036 a coin. It's up almost 9% for 2017.
FOLLOW BUSINESS INSIDER AFRICA
ADVERTISEMENT
Recommended articles
Tanzania vows to help boost Somalia's defense and security
Changes in the net worth of Africa's 10 richest men since January
France to back Morocco's power link to Western Sahara
Kenya’s Ruto backs Zimbabwe’s ZiG currency for economic prosperity
Here’s another reason Nigeria is losing billions of dollars annually
Top 10 African countries with the lowest fuel prices in April 2024
How SafeHamsters unlocks the potential of crypto betting| Insider Tips
A look into the diverse tax reforms being implemented across Africa
