Bitcoin Price Falls to $4,000 amid Panic Sell after China ICO Ban

Bitcoin price has now dropped 20% toward $4,000, three days after hitting an unprecedented record high of $5,000over 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 $4,050 figure.



Chinese exchanges experienced more dramatic falls with trading on ‘big three’ exchange OKCoin falling to a low of CNY22,550, roughly $3,400.

https://www.cryptocoinsnews.com/bitcoin-price-falls-to-4000-amid-panic-sell-after-china-ico-ban/