Central Bank Bitcoin Ban

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Central Bank Ban
Rob Wile Dec. 16, 2013, 4:19 PM

Bitcoin is down 22% on the BTC China exchange on a report that the People's Bank of China plans to bar third-party payment companies from doing business with Bitcoin exchanges.
Last Price: 617 USD Low: 610 USD
Read more: http://www.businessinsider.com/bitcoin-crashes-on-pboc-rumor-2013-12#ixzz2nhEJnmjs

Do you have anything to add Mick?

[mick silver]

yep .... http://thestrangestbrew.com/wp-content/uploads/2013/09/told-you-so.png

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Bitcoin Tumbles After PBOC Rumors Confirmed
Submitted by Tyler Durden on 12/16/2013 22:30 -0500

UPDATE: The earlier rumors have been confirmed: People’s Bank of China told more than 10 third-party payment service providers yesterday not to give clearing services to online Bitcoin exchanges, China Business News reports, citing a central bank meeting with the companies. This news is pressuring Bitcoin to $678 (on Mt.Gox) but more notably, BTC China rates imply a $588 equivalent price - down 57% from its highs. From a $100-plus premium, BTC China now trades $130 cheap to Mt.Gox as the 'arb' flips.

Talk from the PBOC (via Sina) that "the central bank directs: third party payment institutions shall not undertake business with Bitcoin hosted sites," appears to be responsible for the slump in the virtual currency once again. This expands the PBOC's earlier Bitcoin ban to other institutions. Bitcoin prices have dropped over 20% from their overnight highs - trading at around $715 now. Perhaps even more notable is the relationship between Bitcoin and the precious metals today with the early Bitcoin weakness corresponding almost perfectly to gold and silver strength (and again mid-morning in the US).

http://www.zerohedge.com/news/2013-12-16/bitcoin-banged-bear-market-again-precious-metals-rise

Mick told you so!