The price of Bitcoin heavily impacted by news from China

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Price of Bitcoin Downfall

The price of Bitcoin continues to decrease. The process began from last Saturday and accelerated on Monday. The main reason was news about the ban on conducting ICO in China. On Tuesday morning the price of Bitcoin fell below $ 4000 at a number of exchanges. The last time Bitcoin was at this level on August 22.

At the same time, European and American platforms are trying to deal with circumstances. At the Bitstamp price of Bitcoin fell to $ 4001. However, it has not gone below yet. $ 4,012 was noted for Gemini, $ 4,140 for Kraken, $ 4,234 for GDAX. But, there is an exception on this list – at Bittrex Bitcoin dropped to $ 3898, currently trading at $ 4130.

Reactions to downfall of price of Bitcoin

There was initial panic when the “bad news” spread with the subsequent price droppings. Famous Twitter users WhalePanda commented sarcastically, while

Iuji Nakamura explained the details.

According to Eth-Price, at the time of publication, he average exchange rate was $ 4137 with a capitalization of $ 68.4 billion. At the same time, prices of virtually all other cryptocurrencies continue to decline. So, Ethereum fell up to $ 278, Litecoin — up to $ 61, Dash — to $ 287. Monero price went down below $ 100.The aggregate capitalization of all cryptocurrencies dropped to $ 137.1 billion. 48.7% accounted for Bitcoin.

Summary

Let’s sum up “bad news” that caused a downfall in price of Bitcoin. China People’s Bank issued an order banning the holding of initial offers of coins (ICO) in the country. The prohibition concerns not only the conduct of new primary distributions of coins. Additionally, organizations and individuals who have already conducted an ICO will have to return funds to investors.

Also, the large-scale block-conference “Shape the Future” was canceled. It was due on September 10 in Beijing. Presumably, the organizer of the event — BitKan wants to transfer it to another city. The most important thing is that matter negatively affected most leading cryptocurrencies.

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