Bitcoin price has now dropped 20% toward $4,000, three days after hitting an unprecedented 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 22 nd . 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. Data from CoinmarketCap reveals a significant sell-off in multiple markets around the world At the time of publishing, bitcoin prices are showing an upward recovery in trading above $4,300. Over the last...
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