Published On: Wed, Feb 8th, 2017

Secret China Regulator Meeting Makes Bitcoin Volatile Again

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Bitcoin dropped 3% Wednesday after news broke of a closed meeting between Chinese exchanges and the People’s Bank of China (PBoC).
Money Laundering ‘On Agenda’
The talks, which are ongoing, are the latest in a series of investigatory moves by regulators, who have expressed concerns about the legality of certain financial practices.
Local news resource cnLedger said the meetings were unconfirmed, but Bloomberg quoted unnamed sources stating the the meeting was indeed going ahead.
Unconfirmed: PBoC having a (closed door) meeting w/ some btc exchanges this afternoon. The content is related to AMLhttps://t.co/DtJCOm23Xx
— cnLedger (@cnLedger) February 8, 2017

Bitcoin has been sensitive to regulatory moves in China since a trading frenzy over the new year period sent its price over $1,000 for the first time since 2013.
After the PBoC announced it would inspect exchanges to ensure they complied fully with finance regulations, panic appeared to set in and the price tanked. Soon after, however, popular sentiment suggested Chinese regulation could be a good thing for the ecosystem as it would ultimately remove uncertainty, zero-fee trading, and hence volatility.

The mood was broadly supported through January, too, as exchanges introduced mandatory trading fees. This sent trading …

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