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Tuesday, September 5, 2017

Bitcoin price drops $200 after new ruling from Chinese regulators

Bitcoin price drops $200 after new ruling from Chinese regulators

The price of bitcoin fell sharply after Chinese regulators announced a ban on organizations from raising funds using initial coin offerings (ICOs).

ICOs allow start-ups to raise investment by selling new cryptocurrencies, which are similar to bitcoin, in return for cash. However, the People's Bank of China says this practice, which has become popular around the world as well as in China, constitutes illegal fundraising.

Despite bitcoin's price falling, some expect this move to be shortlived.

"This type of news is 'universally' negative sentiment, within the crypto space, so we are not surprised to see a dip on all assets today," Fran Strajnar, co-founder and CEO of data and research company Brave New Coin, told CNBC via email.

"We do not see this to be a lasting issue."


Full story at http://cnb.cx/2gHK1J2


Source: CNBC


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