[Crypto Market Alert] Peoples Bank of China bans payment firms from clearing crypto

Prices of BTC and LTC have both plummeted overnight in the recent revelation of the meeting PBOC had with approximately 10 major payment processors in Asia (including Alipay) in which they were told not to allow fiat conversion from BTC exchanges.

http://www.coindesk.com/bitcoin-price-falls-btc-china-exchange-shuts-fiat-deposits/

http://bitcoinwisdom.com/markets/btce/ltcusd

As of this post, BTC is trading around $500 - $530 on MTGox (on BTC-China, around $380, so this should be a sign of further price drops, at least into the 400's) while LTC is currently around $11 - $13.

I personally am going to snap up some LTC at this price, as I know a correction is bound to happen within the next few months once the market properly adapts to new conditions. On the other hand, if China goes the way of Qcoin and bans cryptos outright, there will be at least one more major price drop (I'm willing to estimate around $250 - $350 as we had earlier this year).

Interesting developments.

 

Ah this makes me really weary. I'm planning on buying $1,000 to $2,000 worth of LTC today. But if they ban it completly.. then it might become worthless..

Really scared of the market right now.

 

They won't become worthless. Actually, they're more likely to rebound in an uptrend after the panic over this news dies down. China does the largest volume in crypto trades, but they are far from the only users and don't determine the overall price of them. You also need to understand that this price drop happened during the night hours in North/South America. China's decision has negligible impact on using them anywhere else in the world. While they are somewhat shunning it at the moment, the United States is (cautiously) on track to adopting it and looking for ways to regulate it rather than ban it. That's good news.

I bought around $500 worth of LTC this morning on BitFinex for $10.50 to - $11 each. They are already hovering at $14 - $15 on Bitwisdom only after 2 hours of this post, a nice 30 - 33% profit. Wouldn't be surprised it they hit $17 -$18 in a day or few. BTC has gone up from low $500's to $570 - $580 on MTGox.

 

LTC: $15.70
BTC: $590+ on MTGox.

 

Ah I really hope H1J logs on soon. I'm going to be sick if I miss out on these deals.

Been reading about this a lot today. Seems like everyone is stocking up at the moment.

 

LTC: $17.50
BTC: $625+ on MTGox

 

buybuybuy folks

 

All I hear is that this is a good time to buy another round of bitcoins. Seems like the exchanges payment processor dropped them with very little warning and they had to scramble for a replacement. Its odd that it would case that large of a swing in bitcoin prices, people panic too easily in my opinion =p

 

Emotion is the number one factor for loss in investing. Regardless of how much a BTC/LTC is worth, there are plenty of ways to purchase items using them (reddit market, plenty of sites exchange Gift cards (Visas, Amazon, etc) for cryptos, forums, etc)

I am just enjoying this entire wave of publicity that they've been having this year, plenty more to come as well.

 

Just as expected, prices have recovered rather quickly.

LTC: $19.50+
BTC: $725 on MTGox

 

Stop speculating Prices of cryptos will always go up and down but they never will be cheap as before

 

Stop speculating? I was right about my predictions as I usually am. It's how I make a good portion of supplemental income.

Who ever said they were going to be as cheap as before? I updated the price since this happened because I was right.

 

That is definitely the mindset to have if you want to lose a lot of money. Anyways, congratulations on your profit. I snatched up some Litecoins for nice and low too, pretty happy about it.

 

The mindset to lose a lot of money? Because you know the exact methods I use to correlate EMA / SMA charts along with crypto-news together to predict rather accurately which direction the market will be taking. That's what keeps continuing my due diligence and research on past, current, and future events driving price changes, and keeping ahead of folks with obtaining crypto-related news (such as what I posted.)

I've never lost a lot of money (well, considering I still have BTC that I didn't sell off at $1,150+, I guess you can call that a "loss", even though they'll pass that mark eventually, so that's irrelevant to me.) At worst, I lost a little. At best, I gained a lot. Seems like a fair trade off to me.

When Coinbase and MTGox start accepting LTC next year, the price will increase at least a third in the first few hours. Wouldn't be surprised if they beat their record high price of around $50 / LTC within the first week. Also, if and when LTC ASICs start arriving on the scene, that'll also cause the price to increase. You can quote me on that.

 

I was obviously referring to the arrogance. Don't get cocky, or it will come back to bite you hard.

Anyways, this is old news. I posted about it in the spam forum a day before you even posted this, and popular media sources were talking about it hours before I posted it as well.

http://www.sythe.org/spam-forum/1659266-breaking-news.html

Finding news within a few hours of its occurrence is easy now of days with the internet and powerful search engines. You're not at any real advantage unless you have connections around the world that allow you to learn of the news within seconds or minutes (which I doubt you or really most any of us do since I'm assuming most of us are still pretty young).

Why are you even trying to argue over the internet with kids about your investing habits? Makes you seem pretty amateur and not experienced. Anywho, good luck. Hopefully you will continue to make good predictions and make a nice buck.

 

Ill be buying some of both