RATE Group | Bitcoin’s price shows ‘interesting patterns’ in response to Chinese market
69760
post-template-default,single,single-post,postid-69760,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Bitcoin’s price shows ‘interesting patterns’ in response to Chinese market

24 Nov Bitcoin’s price shows ‘interesting patterns’ in response to Chinese market

Posted at 18:41h in Bitcoin News by

[ad_1]

Bitcoin was still trading close to its six-month low after it briefly dropped to $7,000 last week. Throughout the year, the king coin had exhibited significant volatility. Bitcoin experienced some sharp fluctuations last year, and while it’s impossible to draw conclusions on the coin’s price to a particular country’s regulatory stance; however, an interesting pattern can be seen in its price over the past couple of years.

There has been a lot of debate surrounding the inducing factor of  Bitcoin surges and falls. According to the latest LongHash data, Bitcoin’s price responding to China’s market news was “remarkable”. The report stated:

“China’s market continues to exert its apparent influence on Bitcoin even in 2019”

Bitcoin lost 20% in a matter of hours back on 5th December 2013 right after China announced banning financial institutions from handling Bitcoin transactions. The coin’s price dropped 8% over the week after China’s Central Bank ordered other…

[ad_2]

Source link

Tags:
, , , , , , ,