- Wealth PMS
In a couple days, the Bitcoin price at Mt. Gox, a large Bitcoin site, crashed from $1,200 to less than $600, recovering marginally to $750 today.
China has banned financial institutions from handling Bitcoin transactions, says Bloomberg:
The People’s Bank of China said financial institutions and payment companies can’t give pricing in Bitcoin, buy and sell the virtual currency or insure Bitcoin-linked products, according to a statement on the central bank’s website.
This volatility can kill a small trader. However, the bubble is still out there.
Also read: The Bitcoinundrum: To Buy or Not to Buy?