Keeping the pressure on the bitcoin speculation
The WSJ is out with an article saying China continues to put the squeeze on the bitcoin market:
According the to article,
- a multiagency government task force overseeing risks in Internet finance issued a notice last week ordering local authorities to "guide" the shutdown of operations that produce, or "mine," cryptocurrencies.
"While the notice called for an "orderly exit" without setting a deadline, far-flung areas of China where cryptocurrency mining operations have flourished are complying."
You can read about it all HERE.
Meanwhile Fed's Evans is out with a comment on blockchain saying "block chain technology could be very useful".
The price of bitcoin on Bitstamp is trading down about $870 today. Yesterday, the price moved away from the 200 hour MA (at $15310 currently). The next key target for the digital currency comes in at $13,264. That is the trend line connecting recent lows (see chart below).
Warren Buffet chimed in on the bitcoin in an interview on CNBC saying that "cryptocurrencies are certain to come to a bad ending".
He added, "Now when it happens, or how or anything else, I don't know. But I know this: If I could buy a five-year put on every one of the cryptocurrencies, I'd be glad to do it but I would never short a dime's worth."