Unfortunately for the market, Bitcoin (BTC) has been sent slipping this morning due to further news out of China.

According to many verified sources, the Leading Group of Internet Financial Risks Remediation has issued the following document to local government within China.

The document currently asks local governing bodies to ensure that a timely exit occurs by current Bitcoin mining pools operated within China. Consequently, it also asks for accountability checks to occur by Jan 10th, as well as on the tenth day of every month.

Noone can deny that massive mining architecture throughout the world has been one of the driving forces to the growing economy of cryptocurrency, however as with any other specific currency, any mention of public news that could be a negative for the volatility of the economy further drives a downward trend.

Keep in mind, negative news in China has driven BTC down in the past, with the currency astronomically rising past all time highs after the fact. Very likely this is another speedbump in the further growth of the market and further diversification of currencies available today.

About Me (Kevin Steele):

I am currently an IT Professional with over 10 years experience spread across multiple fields including IT, Graphic Design and Marketing. I am a cryptocurrency enthusiast and all around geek and currently reside in the heart of the Midwest, Indianapolis, IN.