A False Report About A Chinese Bitcoin Ban Sent Prices Tanking This Morning
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An erroneous report about China banning Bitcoin caused prices to tank this morning, according to Coindesk's Pete Rizzo.
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The report, published on mega Chinese social network Sina Weibo but since retracted, indicated the People's Bank of China had set a deadline of April 15 for all firms to halt Bitcoin trades.
The PBOC later stated its ruling from Dec. 5 prohibiting financial institutions from dealing in the digital currency was still in place.
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The incident illustrates that information about Bitcoin, whether true or false, can still pretty much drop out of the sky and instantly up-end markets.
Here's what the drop looked like:
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