2016/11/05 11:30 PM
Bitcoin’s highest influence allegedly stems from China — the truth behind these words is evident once again. Bitcoin has plummeted by a full eight percent in light of rumors that Chinese legislators are looking to implement regulations that could bear potential restrictions on bitcoin’s use.
Also read: Bitcoin Price Hits $700 for the Second Time This Year
What’s Going on in China?
Following several healthy weeks, bitcoin has fallen to about $705 from a high of $740, and investors aren’t happy. The new rules that China is possibly implementing would limit bitcoin trading by preventing exchanges from transferring funds to platforms outside Chinese borders.
There would also be restrictions on how much one sends or receives. These moves are all part of an ongoing attempt to bring the yuan’s value back to normalcy. The currency recently experienced its lowest point in six years, and regulators feel banning bitcoin is…