Bitcoin Price Falls to $4,000 after China ICO Ban
After reaching a new historical record of $5000 a few days ago, Bitcoin’s price fell sharply by 20% to $4,000.
However, the downward descent was not only a normal market correction, in fact after yesterday it reached 134 billion dollars in the midst of events related to the ban on ICOs in China where the People’s Bank of China (PBoC) banned all initial coin offers, this generated a loss in the market of at least 21 billion dollars in just 48 hours.
The Chinese stock exchanges have experienced more dramatic falls with trading on OKCoin stock exchange dropped to a minimum of CNY22,550, about $3,400.
NEO, which reacted particularly strongly to the ban of China’s ICO due to the market being its main case of use.
However, some experts believe that China will eventually allow ICOs, but only on approved platforms and in approved formats, controlling projects individually. Another positive sign for the possible return of the ICO is that a number of central banks around the work, including China, continue to explore the feasibility of issuing their own digital currencies even in a current situation.