Basically what's happened in a sell-off because people misinterpreted the messages coming out of China (as well as misinterpreting the tone). All they are saying is that the financial institutions won't have anything to do with them; which doesn't really matter, because it isn't a government backed currency in the first place.
That being said, this is like any market...and if I had money in hand right now, I would've been right there buying this bitcoins when it went sub-$700 this morning.
I honestly could see it sitting around $800ish through the holidays because people always need more money in December.
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