Social Media Sidebar

Announcement

Please sign up, comment on articles and bring your friends!

Current poll

PlanetTech is asking:

What do you think about our new web site?

Love it, indeed
Really good solution
Same as old one
The old one was better
This is a new option

Quote of the day

When seen through the lens of technology, few resources are truly scarce; they’re mainly inaccessible. 

 

Peter Diamandis

Bitcoin price drops after new ruling from Chinese regulators

RATE THIS! +21
Posted in Online on 5th Sep, 2017 06:24 PM by Alex Muller

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 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."
 
While the ban on ICOs does not directly affect bitcoin, the news created negative market sentiment which is weighing on the prices of several virtual currencies, according to Charles Hayter, chief executive and founder of digital currency comparison website CryptoCompare.
 
"A rising tide lifts all boats but the opposite is also true - with generally bad news reverberating across the ecosystem all cryptos have turned red together," he told CNBC via email.
 
However, Hayter added that the long-term effects of regulation are positive.
 
"The wheat will be sorted from the chaff and a new gold standard of ICOs can be striven for," he said.
 
Bitcoin's price fell from $4,584 shortly before the announcement to around $4,350 per bitcoin. It was trading around the $4,429 level at midday London time on Monday, according to market data from Coindesk.
 
The move by China is not the first time the country's regulators have attempted to crack down on the cryptocurrency space. In January and February, the central bank warned several digital currency exchanges they would be shut down if they violated anti-money laundering rules.
 
Furthermore, while bitcoin dropped sharply on the news, its price has been trending down since hitting the $5,000 milestone at the weekend. Strajnar said this recent climbdown is most likely just profit taking by investors.
 
"There is likely some profit taking since reaching almost $5,000 on bitcoin, but the amount of fresh capital that continues to pour in suggests this is not the start of a trend reversal."

Tags: bitcoinsoftwareblockchainonlineethereum

Read original article » Back to category

Comments



 

Recent headlines

  • Posted in Business on 2017-11-22 23:55:15
    How to Use Technology to Help You Become Debt-Free..read more
    Posted in Medicine on 2017-11-22 23:49:31
    Patients On Medical Cannabis More Likely To Quit Opioids,.....read more
    Posted in Business on 2017-11-22 23:45:56
    Samsung to establish an AI research hub..read more
    Posted in Medicine on 2017-11-21 09:01:15
    High Incidence of PTSD Among Cancer Patients..read more
    Posted in Science on 2017-11-21 08:56:02
    Human Memory Enhanced With a Brain Implant For the First.....read more
Posted in Business on 2013-10-10 01:33
China is working towards a manned lunar mission in about.....read more
Posted in Business on 2013-10-20 07:17
Spacex says China is their main competitor for commercial.....read more
Posted in Software on 2013-10-20 06:43
Pirate Bay Browser Clocks 1,000,000 Downloads..read more
Posted in Medicine on 2013-10-10 02:10
Google reportedly investing hundreds of millions into new.....read more
Posted in Medicine on 2013-10-14 03:13
Endothelial Cells Can Repair and Regenerate Organs,.....read more
Posted in Science on 01.01.2010
Spacex says China is their main competitor for commercial.....read more
Posted in Science on 01.01.2010
Staring at Your Phone Could Be Making You Short Sighted..read more
Posted in Science on 01.01.2010
Oculus Rift virtual reality headset coming to mobile, but.....read more
Posted in Science on 01.01.2010
China is working towards a manned lunar mission in about.....read more
Posted in Science on 01.01.2010
Delivering drugs via nanoparticles to target mitochondria..read more

Recent Blog Posts

  • Posted by AlexMuller
    Martian landscapes formed from sand 'levitating' on a little.....read more
    Posted by AlexMuller
    Scientists detect comets outside our solar system..read more
    Posted by AlexMuller
    Advanced artificial limbs mapped in the brain..read more
    Posted by AlexMuller
    Bacteria have a sense of touch..read more
    Posted by AlexMuller
    Recurrent brain cancer: New hope with phase 1 clinical trial.....read more

Login to your Account

Login to your PlanetTech Account here

Username:
Password:
Remember me
or

Create a New Account

You just need username and password

The following errors occured:
Username:
Email:
Password:
Verify password:
Remember me