Bitcoin took a beating on Tuesday, extending losses all the way down to $29,300, a level not seen since January, before climbing back, ending the day at $32,000.
The main concern that spooked Bitcoin investors was news that China is tightening its grip on crypto transactions and mining, shutting down 90% of the country’s mining capability.
Additionally, the People’s Bank of China ordered a halt to over-the-counter (OTC) transactions.
Saifedean Ammous, author of “The Bitcoin Standard”, told David Lin, anchor for Kitco News, that you can’t technically “ban” Bitcoin and that historically, even following an 80% correction, the price has always bounced back.
Follow David Lin on Twitter: @davidlin_TV (https://twitter.com/davidlin_TV)
Follow Saifedean Ammous on Twitter: @saifedean (https://twitter.com/saifedean)
0:00 – China ban on transactions, mining
7:12 – What caused price decline?
8:03 – Transaction fees
10:29 – The Bitcoin Standard
15:30 – Bitcoin used in illicit activity
18:20 – “Bitcoin thrives on adversity”
__________________________________________________________________
Kitco News is the world’s #1 source of metals market information. Our videos feature interviews with prominent industry figures to bring you market-affecting insights, with the goal of helping people make informed investment decisions.
Subscribe to our channel to stay up to date on the latest insights moving the metals markets.
For more breaking news, visit http://www.kitco.com/
Follow us on social media:
Facebook – https://www.facebook.com/KitcoNews/?ref=br_rs
Twitter – https://twitter.com/kitconewsnow
StockTwits – https://stocktwits.com/kitconews
Live gold price and charts: http://www.kitco.com/gold-price-today-usa/
Live silver price and charts: http://www.kitco.com/silver-price-today-usa/
Don’t forget to sign up for Kitco News’ Weekly Roundup – comes out every Friday to recap the hottest stories & videos of the week: https://connect.kitco.com/subscription/newsletter.html
Join the conversation @ The Kitco Forums and be part of the premier online community for precious metals investors: https://gold-forum.kitco.com/
Disclaimer: Videos are not trading advice and the views expressed may not reflect those of Kitco Metals Inc.
