Legislative uncertainty in both China and Europe is weighing hard on the Bitcoin price, with around 10 percent lost in the past 24 hours.
News is expected imminently of how Chinese authorities will go about regulating Bitcoin and its trading in the country, which historically has exerted considerable influence on the price of a coin.
Following preliminary statements and feedback from People’s Bank of China Director Zhou Xuedong last week, markets are expecting a mixed bag of supervision and a “forgiving attitude” towards exchanges.
However, Xuedong states certain “red lines” should remain uncrossed in terms of what services exchanges can offer.
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