The start of this weekend hasn’t exactly been pleasant for those who are counting on the price of Bitcoin going even higher. Some grim news that came out this week scared the market when China announced they didn’t want financial institutions toying with bitcoin. On Friday, the market became really scared when Baidu stopped accepting bitcoin. The company says it’s due to wild fluctuations in the cryptocurrency, but some speculate Baidu has felt pressure from Chinese authorities to stop accepting bitcoin.
As such, the price per coin is far from where it was at the start of the week. At the time of this writing, each whole bitcoin unit is going for $734 on Bitstamp, which is certainly making this a buyer’s market.
Things aren’t looking hopeful for a price increase this weekend, and the community is certainly hoping that more companies don’t follow in the tracks of Baidu.
What do you think about the news this weekend?