Bitcoin Price Drops 5% as New China Rumors Stoke Trading

After weeks of gains, the price of bitcoin fell back today, dropping roughly 6% on unconfirmed reports that Chinese regulators may soon take measures to restrict domestic exchange activities.

First reported by Bloomberg, the news source is said to have published a report detailing how Chinese officials could soon prohibit domestic bitcoin exchanges from moving certain volumes of bitcoin and other digital currencies abroad.

Of note, the article alleges, are concerns that bitcoin exchange users may be buying bitcoin on local exchanges and selling abroad, thereby evading foreign exchange rules.

At press time, however, the article in question was not available online, though it was cited by other news outlets including Sina and ZeroHedge.

Price declines began at 15:00 UTC, seemingly coinciding with the spread of the news across social media. The price would fluctuate wildly over the course of the day's trading, rising to a high of $744 and falling to a low of $677.

But given the uncertainty surrounding the news, some analysts said the market was likely using the reports as an opportunity to capitalize on a pending market panic.

Adamant Research's Tuur Demeester told CoinDesk:

"It's one of those things where a news article is really just an excuse for traders to sell instead of buy."

Other analysts reported that similar behavior was likely given that fake news about China has often been used as way to encourage speculative market activity.

Such comments recall the height of bitcoin's price climb in 2013, when the news that China would perhaps "ban" the digital currency caused steep market declines.

"We've had china scares like this so many times," Chris DeRose, the host of a popular bitcoin podcast, recalled.

He added: "China is effectively a black box to us here."

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대략 요약입니다. 밤새 비트코인 가격인 5%하락 분괴는 중국정부의 비트코인 해외반출에 제한을 둔다는 루머 있다.중국정부가 비트코인 전송량을 제한한다 라는 루머인데 과연 얼마나 제한할지 실행할지는 아직 모르겠습니다. 

Chris DeRose 는 중국은 우리에게는 블랙박스와 같다고 얘기했습니다. 

참고하시고 혹시나 필요하신분은 우측상단 번역을 이용하시면 좋겠습니다.

출처: 코인데스크