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
10 most expensive cities in Africa in 2024
Illegal money changers adapt to Zimbabwe's ZiG currency rollout
Zimbabwe's ZiG currency printing contingent on reserve sufficiency
The global workforce is set to collapse without Africa
500 millionaires fall off in Kenya - here’s why
Top 10 African countries with the most centi-millionaires in 2024
7 most influential Africans in the world 2024 -TIME
5 African countries with the least expensive freelancers
