Bitcoin Crashes Back Below Gold On China Chatter

After spending three days trading above the price for an ounce of gold, Bitcoin prices crashed overnight - down over $120 in a few short hours - following Bloomberg headlines citing China officials saying that Bitcoin regulation is not temporary.

 

As a reminder, a lot of this most recent run-up has been catalyzed on hope of a positive ruling by the SEC with regard the approval of Bitcoin ETFs - the ruling is due on Saturday.