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Bitcoin Prices Plunge After China Cracks Down On Currency

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If you just got on the Bitcoin train then you’re probably feeling a bit sick right about now.

If you just bought a bunch of Bitcoins because you kept seeing the prices rising and rising and figured it was better to get in on the act sooner rather than later than this is probably going to make you sick.

Prices were flying high at around $1200 for one Bitcoin last week, but after Baidu – China’s largest search engine – declared that they would no longer be accepting the currency as a form of payment, the prices plummeted to a low of $700. Baidu’s decision to no longer recognise Bitcoins follows on from a decision by the Chinese central bank to prohibit financial institutions in the country from processing or insuring Bitcoin transactions.

This chart below shows the fluctuation in price of Bitcoins since they first appeared on the scene, and really illustrates how much of a disaster this has been for the currency. But hey, if you’re thinking of getting on board the Bitcoin train, then now’s probably the time.

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