Note from the Publisher: FintekNews is on record that we believe Bitcion is an important hedge and a legitimate trading instrument, but we DO realize that the price also swings around a fair piece. After hitting almost $740 earlier this week, it’s closed Friday at @$707. Still, we believe in this cryptocurrency long term and our CEO just published another piece today about the new CME Bitcoin index, which will launch November 13.
“The price of bitcoin has substantially decreased over the past few days after it reached a multi-month high of US$740 on major exchanges. Experts unanimously agree that the price has fallen due to the inaccurate reporting of “capital controls” the Chinese government is supposedly planning to impose on bitcoin.
Currently, 95% of bitcoin trades are handled and processed by Chinese exchanges in its local market. Major Chinese bitcoin exchange BTCC alone handles a daily trading volume of 1.9 million bitcoin, which is larger than cumulative trading volume of Japan and US-based exchanges.“