BitCoin value sinks 25 percent to USD 550 after BTC China stop accepting yuan deposits

BitCoin, the virtual currency which is not in control by any government plunged for the third consecutive day on Wednesday, losing nearly a third of its value. This is largely due to BTC China, the world’s largest exchange has stopped accepting yuan deposits.

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BitCoin drops 25% to USD550 BTC/USD plummeted 24.6% during European morning hours to trade at USD545.10 on the Tokyo based Mt. Gox Bitcoin exchange. The currency sank by as much as 32.8% earlier in the day to hit a session low of USD480.00, the weakest level since November 20.

BTC CHina has to stop accepting yuan deposits as the Central bank is cracking down on transactions using the BitCoin currency.

This is to be expected as most central banks will not want their currency to lose their value as trading can be done without any central control (as it is virtual).

Bitcoin rose to an all-time high of USD1,241.10 on November 29. It was trading at USD100 in early October.

So will you venture into BitCoin ?