Bitcoin value dives after China banks ban

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Aljazeera | December 5, 2013

China has become the biggest Bitcoin market in recent months as buyers seek to profit from speculating in the currency.

Bitcoin-101_3_ (Copy)The value of Bitcoins, the virtual currency that has soared in recent months and made fortunes for some, plunged after China banned its banks from providing related services and products.

Prices on BTC China, the country’s biggest Bitcoin trading platform –which had stood at more than 7,000 yuan (around $1,100) each — plunged by more than a third to an intra-day low of 4,523.12 yuan.

The drop wiped more than $5 billion off the total value of the 12 million-odd Bitcoins currently in circulation.

They later recovered to trade at around 5,700 yuan each.

“Bitcoin is a certain virtual commodity, does not possess the same legal status as currency and cannot and should not be circulated and used in the market as such,” the People’s Bank of China said on Thursday in a statement issued jointly with other financial regulators.

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