Bitcoin, other cryptos tumble after China bans ICOs
Bitcoin and other leading cryptocurrencies tumbled, after China banned individuals and organizations from raising funds through initial coin offerings, saying the practice constituted illegal fundraising.
Bitcoin dropped to $4,322.30, down $272.70, or around 6%. The digital currency rallied to an all-time high of $4,911.80 over the weekend.
Ethereum, Bitcoin’s closest rival in terms of market cap, sank 12%, or $42.70, to $308.50. It briefly rose to a record peak of $394.78 on Saturday.
Other prominent cryptocurrencies such as Litecoin, Ripple and Dash also traded sharply lower.
The total value of all publicly traded cryptocurrencies was $150 billion, a figure that was down more than 16% from a high of nearly $180 billion reached on Saturday night.