Bitcoin Sinks To 2-Month Low; China Moves Forward With State-Backed Cryptocurrency - Forbes Bitcoin Sinks To 2-Month Low; China Moves Forward With State-Backed Cryptocurrency - Forbes Posted: 31 Aug 2019 06:00 AM PDT Get Forbes' top crypto and blockchain stories delivered to your inbox every Friday for the latest news on bitcoin, other major cryptocurrencies and enterprise blockchain adoption. At the People's Bank of China, research into the technology behind bitcoin is about to culminate in an entirely new kind of cryptocurrency. Zhang Peng/Lightrocket Via Getty Images CRYPTO MARKETS The price of every major cryptocurrency took a sharp nosedive Wednesday afternoon, as bitcoin dropped well below the $10,000 threshold to its lowest level of the summer. Ethereum, litecoin and Ripple's XRP also sank between 5% and 10% in a matter of minutes. Investors are left wondering whether the sudden fall represents a cheap buying oppo...