Bitcoin price falls on China crypto warning

[Teh One Who Knocks]

By Ken Martin | FOXBusiness


https://i.imgur.com/OVq26gm.jpg

Bitcoin's price fell more than 10% early Wednesday after the China Banking Association warned members of risks associated with digital currencies.

The crypotocurrency fell to below 39,000, per Bitcoin, before a rebound to $40,212.

The statement from China's industry association said all members should "resolutely refrain from conducting or participating in any business activities related to virtual currencies."

The notice said such digital currencies were subject to great volatility.

A week ago, Bitcoin was trading above $50,105 after its price plunged 10% following Tesla CEO Elon Musk's reversal of his stance on the digital currency.

Musk announced that Tesla, his the electric car maker, would no longer accept Bitcoin as payment.

Other crypto assets took a hit as well on Wednesday, with Ether, the coin linked to the ethereum blockchain network, falling 15% to $2,966, while meme-based Dogecoin tumbled 15%, according to Coindesk.

The Associated Press contributed to this report.

[PorkChopSandwiches]

:sad:

[FBD]

its scared, they're pulling out all the options, even fake alien attack

https://i.imgur.com/9Fpczc4.jpg

[Teh One Who Knocks]

By Ken Martin | FOXBusiness


https://i.imgur.com/gCnqwHMl.jpg

Bitcoin and other cryptocurrencies are gaining despite the U.S. Federal Reserve and the IRS making comments about digital currencies.

Early Friday, Bitcoin was just above the $40,000 level, trading up 1%, according to Coindesk.

Rival Ether was up more than 2% at $2,742.

Dogecoin was gaining more than 8% at $0.39. Dogecoin got a boost after Elon Musk issued his latest tweet on the meme token Thursday morning.

"How much is that Doge in the window?" Musk asked on Twitter on Thursday, adding a photo featuring a Shina Ibu, the Doge meme's symbol, on a $1 bill sticker attached to a laptop. The photo also features the word "Cyberviking" in neon lights. Dogecoin has come down a bit since climbing as high as 42 cents in the last 24 hours.

The IRS disclosed Thursday that "businesses that receive crypto assets with fair market value of more than $10,000" will need to be reported. This was detailed as part of President Biden's proposed American Families Plan, which also requests $80 billion in funds to modernize the IRS and covers "hiring new specialized enforcement staff, modernizing antiquated information technology."

The move will also crack down on bad actors who are using virtual currencies to commit crimes.

Fed Chairman Jerome Powell said the Fed wants to play a "leading role" in the development of international standards as central banks around the world – most prominently China – make moves in the digital currency realm.

[DemonGeminiX]

And it fell again today. But it will climb again. Hodl.

[Godfather]

How many times will China outlaw/ban crypto :lol: Feels like market manipulation at this point. Gotta make sure you're the ones to catch the top and buy the dip!

[PorkChopSandwiches]

Now with the miners leaving China, it will actually help make it more distributed I would guess