Bitcoin rate collapsed after Chinese ICO ban

Bitcoin rate collapsed after Chinese ICO ban

After Saturday news about the ban of ICO in China, cryptocurrency exchange rates began to fall, including Bitcoin. Already by the morning of Tuesday, September 5, BTC rate fell below $4 000 — for the first time since August 22.

At Bitfinex platform, Bitcoin fell up to $3 900, but later the situation improved somewhat — the price reached $3 960. The situation on the Chinese platform OKCoin is even worse: the price has dropped to $3 800.

The U.S. and European exchanges are trying to keep the exchange rate at $4 000 mark: Bitstamp managed to save the BTC price at $4 001, Gemini — at $4 012. The situation is better for Kraken and GDAX — $4 140 and $4 234 respectively. However, at Bittrex, the price has already fallen up to $3 988, although later on, it grew to $3 956.

Blockchain & Bitcoin Conference: Bitcoin rate collapsed after Chinese ICO ban

Source: Coinmarketcap

As a result, an average exchange rate around the world fluctuates around $4 034, while Bitcoin capitalization stays at $66.7 billion. 

Ethereum, Litecoin, Dash and Monero have also fallen significantly. In just a few days, worldwide capitalization decreased from $160 billion to $137.1 billion.

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Pavel Piatkin

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