Bitcoin Having a Huge Sell Off, Here’s Why

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Today was a tough day for Bitcoin. Here’s what happened.

The People’s Bank of China issued a notice restricting banks from handling Bitcoin. Baidu also stopped accepting Bitcoin.

There was a big sell-off that made the price fall from $1100 to $650 in an hour or two. Some people sold in a panic, accelerating the drop.

Others bought on the way down. Seems to have bottomed out in the low $600s and holding but we’ll see.

Bitcoin Foundation letter

Many investors predict Bitcoin will climb back to $2000 by year end/ early next year, maybe more.

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2 Responses to Bitcoin Having a Huge Sell Off, Here’s Why

  1. […] there are 1.9 million Bitcoin in these addresses, or about $2 billion of value ($1.4 billion after last night’s sell off). And it’s highly likely that this money is unrecoverable. That’s 16% of the total […]

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