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China's aggressive Yuan buying has poured COLD WATER on the Bitcoin rally, as stronger oil prices help the Ringgit open at 4.47 against the US Dollar.
Bloomberg has the story on the Bitcoin demise. Read Below :
Bitcoin Plunges as Much as 23% From Wednesday’s Record High
The digital currency fell as low as $889 in Thursday trading
Retreat follows advance to record intraday high of $1,162
Bitcoin prices plunged as much as 23 percent from Wednesday’s all-time high, according to Bloomberg data, as some traders took gains and investors celebrated a rally in the yuan.
Bitcoin fell to as low as $888.99 Thursday before inching back to $957.54. The digital currency hit a record $1,161.89 Wednesday, according to Bloomberg data, thanks to continued adoption in China and other parts of the world where traditional currencies are tightly controlled.
“Bitcoin appears to be coming off the highs as traders are taking their gains after the sharp appreciation over the last few days and weeks,” Gil Luria, an analyst at Wedbush Securities, said in an e-mail.
