Cryptocurrency Trading News: Market Falls Colossally Once Again as PBOC Ruling Resurfaces

0
143

Cryptocurrency Trading News

ForexMinute.com – After staying calm for over a week, the cryptocurrency market yet again came face to face with the ghost called PBOC. In a report published a few hours ago by Chinese economic and finance news provider Caixin, it is said the Chinese Central Bank is conducting meetings with commercial banks and third party payment providers, in matters related to their “once-rumored” ruling on Chinese Bitcoin exchanges.

The ruling had ordered all the Chinese banks to stop doing businesses those customers who are involve in Bitcoin-related transactions. PBOC had also given a deadline, April 15th, to all Chinese Bitcoin Exchanges to withdraw their every last penny. While most of the exchanges have taken the ruling seriously and announced to move their accounts offshore, some like BTC China waited for an official statement so as to take further actions in respect to the PBOC ruling.

**relatedarticle**

Although, the Caixin article was said to have been wrongly translated, due to which a large portion of investors thought that PBOC is planning to ban Bitcoin once for all. But more objectively, the central bank is focused towards certain instruments that involve trading between RMB and other digital currencies. Its alleged meeting with both compliant and non-compliant banks is said to be all about progressing further towards Bitcoin risk prevention.

The ripple effect of this whole event can now be seen in the tarnished cryptocurrency market, where every leading digital coin is facing a huge decline. Here is the full report:

BTC/USD
As we predicted yesterday, the BTC/USD raise comfortably during the last 24 hours, crossing the $500 mark once again at the end of the day. Though, the pair saw a massive downtrend upon the release of Caixin article, and it fell from the position of $496 to $466 within few hours.

At this time of writing, the BTC/USD has fallen 5.5% and is currently trading at $459.37.

Altcoins Replicating Bitcoin Fall
Following the PBOC meeting with Chinese banks, the Litecoin has fallen 9.24%. While the other ones to have seen major falls are Dogecoin (18.25%), Peercoin (12.95), and Blackcoin (31.5%), following with more cryptocurrencies.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com

Get a two-week free subscription of our daily newsletter at www.forexminute.com/newsletter