Coins Fall With Rumor That China Will Ban Cryptocurrencies

Bitcoin and altcoins tumbled by up to 25% in a few hours after rumors that the Chinese government had once again banned cryptocurrency exchanges.

The comments on social media are linked to local media outlet Caixin and regulators. Cryptocurrency exchanges will also be banned on exchanges as part of the ICO ban imposed earlier this week by authorities.

Litecoin fell 15% as others reacted in rapid succession, Bitcoin losing over 8% from $4700 to $4200.

While Litecoin is currently trading at $70.7, bitcoin slightly compensated for its losses and rose to $4284.

Chinese ICO, which was particularly affected by regulatory confusion. project NEO lost 25%.

What awaits us in September after China’s ICO ban

Trade ban Although little evidence seems to have emerged about even under Chinese authorities, the Chinese authorities repeated the behavior seen once in 2017.

January’s ban on exchanges continued until May and was lifted when new rules allowing trade to continue were enacted.

Bitcoin and other altcoins had lost a lot of value with China’s ICO ban and then rose again. Let’s see if cryptocurrencies that lost value with the rumor of trade ban will be able to continue without getting hurt from this problem.