Bitcoin "drops" to $700. Back when it was $400 at the start of the year we all would have loved it to be at $700. I think the lesson in all this is to buy and hold and you will be in great shape. I am not the only one saying this. You should be familiar with the writings/social media feeds of Tuur Demeester, Tone Vays, and Vinny Lingham if you want to understand some important aspects of Bitcoin and if you want to be immune to FUD. If China really fears Bitcoin like the rumor implies then this is a very bullish sign.
