Panic Sell Drops BTC Price by 20% toward $4,000, three days after hitting an all-time record high of $5,000 over the weekend.
The price of bitcoin hits a two-week low in a
decline following China’s ban on initial coin
offerings (ICOs), a radical new form of fundraising where digital tokens are
exchanged for cryptocurrencies like bitcoin and Ethereum.
The early hours of Tuesday saw bitcoin value
drop near $4,000, trading at figures unseen since August 22nd. At Bitstamp, bitcoin’s value
dropped to $4001.9 during the fall while a global average between exchanges
leveled around the $4,040.30 figure.
Chinese exchanges experienced more dramatic falls with trading on ‘big
three’ exchange OKCoin falling to a low of CNY22,550, roughly $3,400.
Data from CoinmarketCap reveals a significant sell-off in
multiple markets around the world
Aside BTC price drop, altcoin also dropped in price amid a widespread market retreat causing the combined
market cap of cryptocurrencies drops to $145 billion, with this analysis, it shows that China’s call to ban
ICOs wiped out nearly $35 billion off the market from the all-time high of $179
billion on Saturday.
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