Bitcoin Value Steadies After Chinese Government Warning Drop

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Five Chinese government units, including the People's Bank of China, Ministry of Industry and Information Technology, China Banking Regulatory Commission, China Securities Regulatory Commission, and China Insurance Regulatory Commission, have jointly issued a notice about preventing risks against Bitcoin speculation.

Though the warnings were not full condemnations of the cyptocurrency, sell prices on exchanges as geographically diverse as China-based BTC China and U.S.-based dropped by as much as 40% over the last few days, respectively. But in the past twelve hours, gthe value on these types of exchanges has appeared to level off at around a value of USD750 per bitcoin.

The government notice pointed out that Bitcoin is not a currency in a real sense and it does not have the equal legal position as a currency. Therefore, it shall...

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