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Bitcoin in freefall: Value of virtual currency dropping after China questions its legal status

Posted on 09 December 2013

The value of Bitcoins continued plunging today, dropping below $700 - down from just over $1,000 the day before - after the Chinese government questioned the legal status of the virtual currency. A joint statement from several Chinese official bodies such as the People’s Bank of China said Bitcoins are not a currency and cannot be used as a form of payment by any businesses or financial institutions.
This announcement sent the increasingly popular method of payment plummeting from a high of $1,216 to $870 on the MT.Gox Bitcoin exchange. The value of a single Bitcoin has briefly rallied, creeping back to around $1,045, before shedding more than $300………………………………………..Full Article: Source


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