The People’s Bank of China found some violation of rules in the operations of major bitcoin exchanges.
China’s central bank unveiled plans to more closely inspect operations of digital currency exchanges in an effort to curb the yuan’s outflow.
Bitcoin price demonstrated a sharp drop on Friday after the central bank of China warned users of the threats associated with the investment in digital currency.
The People’s Bank of China emphasized that bitcoin is not a currency and can’t circulate in the market as a real currency.
The current price slump is strongly connected with attempts of China to shore up the yuan.
Bitcoin has gained 123% in 2016, making it the top performing currency for the second year in a row.
Bitcoin offers instant and anonymous transactions, which made the cryptocurrency gain increased popularity in 2016.
Bitcoin is continuing its end-of-the-year bull rally, with the cryptocurrency price demonstrating its best performance over the last three years.
Bitcoin experts emphasize a correlation between the financial problems in India and a bitcoin price rise.
Bitcoin shows a steady growth these days having more than doubled its price since the beginning of the year.
Experts predict sustainable growth of bitcoin price in the year 2017.
Experts enumerate the whole range of factors influencing the bitcoin price increase.