Bitcoin Price Recovers After Unconfirmed Reports of Private Meetings Between PBoC Officials & Top Chinese Exchanges

The price of Bitcoin fell sharply on Wednesday morning as reports began to surface that PBoC officials were holding private meetings with top Chinese cryptocurrency exchanges.

According to Bloomberg, a source who asked not to be named said the meeting will focus on the issue of money laundering.

The price of the digital currency plummeted close to $45 from a yesterday’s high of $1070, hitting a low of $1025.20 on the day, after Bloomberg’s report.

Over the last few hours, Bitcoin’s exchange rate has recovered most of losses and is now trading around $1060 - about $10 away from yesterday’s high.

Charts via Bitstamp

Some Redditors on the main Bitcoin subreddit voiced their anger at Bloomberg, alleging the report was fake news designed to manipulate the market.

However, a report by Chinese news outlet Caixin says that the PBoC has told Chinese exchanges to stop doing offline promotion of the digital currency, and to impose mandatory KYC checks, according to cnLedger on Twitter.

PBoC building photo by bfishadow