Sunday, September 17, 2017

Crypto News: The Summer of Bitcoin Ends Badly

The Summer of Bitcoin Ends Badly

Bitcoin’s meteoric summertime surge risks coming to a painful end as Chinese policy makers move to restrict trading amid growing warnings of a market bubble.

The biggest cryptocurrency dropped as much as 40 percent since reaching a record high of $4,921 on Sept. 1, cutting about $20 billion in market value. The collapse extended to as much as 30 percent this week since China began sending stronger signals of a clampdown on Sept. 8, making this the biggest five-day decline since January 2015, when it traded at around $200.

Bitcoin captivated the attention of financial markets this summer as the developer community embraced a new mechanism to improve usage and avoided what was labeled as a potential civil war, raising the profile of the digital ledger and fueling the speculative price rise.

After the price of bitcoin reached a record high, China moved to reign in the exuberance, announcing Sept. 4 that it was outlawing initial coin offerings. While the motivations behind the move and the trading restrictions are unclear, such a ban could affect an estimated one-quarter of all bitcoin transactions.


Full story at https://bloom.bg/2xcfAjX


Source: Bloomberg


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