The time when the Bitcoin rose sharply and did not indicate that it was possible to end this upward movement ended, when China's central bank authorities tried to limit the trade with bitcoin.
The world's worst crypto hit fell 40 percent and wiped out $20 billion. of its capitalization after reaching a record level of nearly $5000 on the September first. After the price reached record highs and began to threaten financial institutions, the Chinese National Bank intervened first by banning ICO on September 4, and then banning the trade with Bitcoin, which led to the current downturn.
Looking back, Bitcoin has overtaken other similar regulations that ultimately fail to suppress the desire of investors to hold the crypto currency:
In 2014, when financial institutions banned services on the crypto-currencies, it declined gradually and fell into two-year lethargy, and then gradually began to rise.
Source: Bloomberg Pro Terminal
Jr Trader Petar Milanov
Bloomberg: The Summer of Bitcoin Ends Badly
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