After the China news indicated it’s not legal to trade Bitcoin as part of the bank financial business in China, however individual can still feel free to trade Bitcoin BTC at their own risk. To me, what this mean is that if something happens, your Bitcoin BTC got stolen, or your got scammed by the exchange business or individual, you cannot cry about it. Well this just point me toward violence! meaning if someone trade 30BT, that’s $30K, and they didn’t get the cash, I’m sure they will turn violent and possibly death, murder and so on due to Bitcoin, but in reality it’s not Bitcoin, but SCAM! Scam with anything, not just bitcoin, even just saying something offensive to someone could have deadly consequences.
Going back to the Bitcoin BTC moving downward, it is indeed moving down. It is struggling to maintain the thousand dollars mark. It hit 1000s a few days then down since yesterday, and still down now. This is based on the average of all exchange business, mtgox, coinbase, bitstamp, btce, campbx and so on. It’s really hard to predict accurately on when will bitcoin crashed and burn, or when Bitcoin will hit hundreds thousand dollars per BTC. No different than the stock market I guess.
The surprising thing is, Bitcoin BTC have little impact or reaction when there are bad news, from the stock market, from government investigations shutting down of Bitcoin exchange, and even this new China Bitcoin market not license to trade bitcoin for exchange business (financial institution), no impact or very little impact. Will see in the next few days.