Bitcoin Falls Below $3,000 in China

The price of Bitcoin is in free fall this week, it has gone from around $5,000 to  $3,200  at the moment.

The reason for this is the falling price in China. Prices have fallen below $3,000 on all the major Chinese exchanges. It is now obvious that the Chinese ban is causing a panic in the market and that the short term price of Bitcoin will depend on Chinese demand.

Some analysts believe that prices will continue to fall to around $2,500, while others see a rebound in the near future, and a move higher to $3,800.

Tags: ,