Bitcoin prices crash following China, Baidu news and epic run

Written by Andre Yoskowitz @ 06 Dec 2013 3:10 User comments (2)

Digital currency Bitcoin has seen its price fall to $877 after hitting highs of $1155 following a few pieces of key news out of China and a large run up that saw prices triple in just a few months.

First, the Chinese Central Bank announced that banks and payment systems are banned from using the currency, and warned individuals of using it, as well.

"Bitcoins are virtual goods that have no legal status or monetary equivalent and should not be used as currency," said the Chinese central bank statement. "Ordinary people are free to participate in transactions at their own risk."

Later in the day, massive Chinese search engine Baidu said it would stop accepting Bitcoins for its music service.

View this great video explaining Bitcoin here:

Bitcoin Explained from Duncan Elms on Vimeo.

Tags: China Bitcoin

<Google now allowing users to download copies of their Gmail, Calendar data >Verizon triples its 4G LTE capacity in major metros, download speeds to peak at 150Mbps

2 user comments

16.12.2013 21:59

nonoitall

Send private message to this user

Senior Member

The decline pretty much started when Bloomberg released a misleading article title several days after the news was actually announced. China didn't ban Bitcoin; they just announced that it's a commodity rather than a currency, and as such financial institutions can't deal in Bitcoin as though it were a currency.

The Bloomberg article (to those who only read the title and not the content) implied that China had outright banned all things Bitcoin within the country. Good time to grab up some cheap coins before people realize the sky isn't falling I guess. :-P

This message has been edited since its posting. Latest edit was made on 06 Dec 2013 @ 10:01

215.12.2013 17:19

ChappyTTV

Send private message to this user

Member

Yah, it looks like it will just be a temporary dip, but you never know with this type of thing. It's basically like commodity stocks but Bitcoin has developed a reliable stability in the long run by becoming a well controlled and accepted pseudo-currency.

Comments have been disabled for this article.

	Roborock Saros 10 review - Great, but not perfect (14 May 2025 5:54) We tested Roborock Saros 10 robot vacuum for more than two months in order to see whether it is really worth its hefty price tag. The mopping, self-emptying Saros 10 was mostly great, even perfect. But its object avoidance was bit disappointing. 2 user comments
	Napster Sold – Yet Again (27 Mar 2025 1:16) The world’s most iconic peer-to-peer music-sharing platform, once infamous for its role in digital piracy, has once again been sold.
	YouTube viewing now happens in TVs (11 Feb 2025 2:43) Smartphones are no longer the primary device for watching YouTube. Instead, televisions—those big screens in our living rooms—have taken the top spot as the most-used platform for YouTube viewing at home. 5 user comments
	Sony to end production of writable Blu-ray discs, MiniDiscs and MiniDV tapes (24 Jan 2025 11:27) Sony has announced that it will halt the production of writable Blu-ray discs, MiniDiscs, and MiniDV tapes in February 2025.
	Nintendo announces Switch 2 - Long video released, but specs still under wraps (16 Jan 2025 11:33) After years of anticipation, Nintendo has officially unveiled its next-generation console, the Nintendo Switch 2, in a newly released promotional video. However, the company has yet to reveal the exact technical specifications, promising to share mor 1 user comment

	GUIDE: Wi-Fi speeds are slow? Here are some tips Having problems with Wi-Fi speed and stability at home? Here are some tips to follow to alleviate the issues. 1 user comment
	Guide: Is Your Wi-Fi Sluggish or Slow? Here's How to Fix Do you have problems with you Wi-Fi? Slow connection or is it cutting off constantly? This guide aims to remedy these problems. 1 user comment
	Does your phone rattle? Here's why it happens When you shake your phone and hear a light rattle, clatter, or jingle, it's likely not broken. The culprit is probably the optical image stabilization (OIS) system in your phone's camera, meaning everything is functioning as it should. 2 user comments
	Guide: Phone battery drains quickly - how to fix (iPhone / Android) In this guide, we go through the most typical reasons for rapid battery drain with phones, and look at potential reasons or solutions.
	What IP rating for dust and water resistance means An IP classification (such as IP68) is given to mobile phones, Bluetooth speakers, and other devices, but what do these classifications mean? 1 user comment

Bitcoin prices crash following China, Baidu news and epic run

2 user comments

Latest news

Reviews

Guides

News archive

Subscribe

Sections:

Follow us:

	Roborock Saros 10 review - Great, but not perfect We tested Roborock Saros 10 robot vacuum for more than two months in order to see whether it is really worth its hefty price tag. The mopping, self-emptying Saros 10 was mostly great, even perfect. But its object avoidance was bit disappointing. 2 user comments
	Roborock S8 MaxV Ultra review - obstacle avoidance doesn't work as it should, otherwise almost perfect robot vacuum We put the Roborock S8 MaxV Ultra through a very, very long review process. The $1800 mopping robot vacuum is almost perfect, but its obstacle avoidance was surprisingly bad, considering the price - and compared to its competitors.
	Sharge x OnePlus Pouch review: Beautiful power bank that supports SuperVOOC charging In our review, we take a look at Sharge's power bank that supports OnePlus SuperVOOC quick charging technology as well as standard USB PD charging. It has small design flaws, but despite those, the Pouch is very nice product. 1 user comment