Bitcoin Enters Bear Market
In the wake of news that Chinese governments are closing down Bitcoin exchanges in China, Bitcoin falls about $1000 less than it was at the start of the month. However, Bitcoin has made a significant run-up in the past year rising from about $600 this time last year to about $5,000 at the start of the month and so a pull-back was to be expected. Bitcoin seems to have stabilized a bit at the $3800 level for now. Many are optimistic that the Chinese will find some workarounds through Japan until regulations from the Chinese government can be put into place where some believe that the exchanges will resume operations, including noteworthy cryptocurrency enthusiast John McAfee. John states on his twitter: "The Crypto-World is overacting to the typical approach of the Chinese. Until we fully understand it, stop it! It will all restart in China after rational regulations."
John McAfee is currently in the works on his own cryptocurrency startup of which more information can be found here:
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