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Bitcoin Is Getting Destroyed On Rumors That China Is Banning It

Rob WileMar 27, 2014, 20:51 IST

Bitcoin is crashing on rumors China has banned Bitcoin, CoinDesk's Jon Southurst reports.

This follows an erroneous report that that had occurred last week.

But this time the reporter writing up the news is sticking by his story, Southurst says, although the PBOC has not released any information:

News that the Chinese government would penalize any bank transacting with bitcoin exchanges after 15th April started to break around mid-morning China time on Thursday 27th March. This time, it was reported as fact by a number of news services.

Here's the price action:

CoinDesk