China has delivered Bitcoin the second half of a one-two punch that could be the beginning of the end for the virtual currency. BTC China, China’s largest Bitcoin exchange, on Wednesday said it could no longer accept deposits of renminbi — the local currency — to purchase bitcoin. BTC China’s announcement was too much for the market, which immediately swooned — BTC China was quoting Bitcoins at prices 25 percent to 40 percent lower than what they were on Tuesday, the day before it announced it would no longer accept renminbi deposits.
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Bitcoin Buckles Under China's Assault
Posted by: Erika Morphy December 18, 2013 05:23 PMChina has delivered Bitcoin the second half of a one-two punch that could be the beginning of the end for the virtual currency. BTC China, China’s largest Bitcoin exchange, on Wednesday said it could no longer accept deposits of renminbi — the local currency — to purchase bitcoin. BTC China’s announcement was too much for the market, which immediately swooned — BTC China was quoting Bitcoins at prices 25 percent to 40 percent lower than what they were on Tuesday, the day before it announced it would no longer accept renminbi deposits.