The cryptocurrency markets plummeted on Monday following a report that the Chinese central bank had issued a blanket ban on initial coin offerings (ICOs). The bitcoin price fell 5%, while the ethereum price took an 11% dive. The altcoin markets fared equally as bad, with 91 of the top 100 cryptocurrencies declining for the day.
This widespread investor panic caused the total value of all cryptocurrencies to plummet. Yesterday, the total crypto market cap was $164 billion–a $16 billion decline from the all-time high it set on September 2. But the news that the People’s Bank of China (PBoC) had decided to ban ICOs sent the crypto market cap careening below $150 billion
According to the report, all token sales are forbidden within the country, and organizations which have already completed ICOs are instructed to return all investor funds. This is likely an impossible task, since organizations have doubtlessly already spent a portion of those funds.
The bitcoin price weathered the storm better most cryptocurrencies, but it still took a 5% hit. This intensified the sell-off that began when the bitcoin price touched $5,000 on September 2. Since that point, the bitcoin price has plunged nearly $700. At present, the bitcoin price is $4,344, which translates into a $71.9 billion market cap.
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From @zardoz144