Crypto markets in free fall as bear market reacts to hacking fall out amid US regulation

Bitcoin china central bank
Central Bank of China says they do not recognise Bitcoin as a form of payment

CRYPTO markets are down for a fourth day amid fears the MtGox bankruptcy and tighter regulation is weighing on investor’s minds.

Bitcoin, Ripple and Ethereum were all down double digits before rebounding today amid a global sell off which is threatening to continue as investors also react to central Bank of China governor Zhou Xiaochuan’s comments on Friday.

The Chinese banking scion said that the country does not “recognise” bitcoin or any digital currency as a form of payment adding to the bear market conditions.

He said: “We do not currently recognize Bitcoin and other digital currencies as a tool like paper money, coins and credit cards for retail payments.

“The banking system does not accept it.”

The news came in the same week the US stipulated that cryptocurrencies purchased by monetary instruments should be classed as securities.
Trade on popular Crypto markets
Go long or short on cryptos from 10p a point
A trading partner you can trust
Start Trading
Forex trading involves significant risk of loss and is not suitable for all investors.
The broker offers access to a trusted MetaTrader trading system
Pricing is ensured to be completely transparent, also providing accuracy and speed.
Trade a Wide Variety of Assets with Leverage up to 1:500
Start Trading
Margin Trading
Legal compliance
Cryptocurrency staking
Start Trading