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A False Report About A Chinese Bitcoin Ban Sent Prices Tanking This Morning

Rob WileMar 21, 2014, 22:42 IST

An erroneous report about China banning Bitcoin caused prices to tank this morning, according to Coindesk's Pete Rizzo.

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:

Coindesk