Crypto Currency Market Update

What is going on with this Bitcoin Market?

Rumors and speculation that the People’s Bank of China (PBoC) is preparing to outlaw Bitcoin exchanges grew more serious yesterday, as a self-regulatory agency established by the bank issued a statement warning their members not to operate cryptocurrency exchanges or utilize their trading platforms. This downward movement dropped the Bitcoin price below $3,800 for the first time since the 22nd of August. This represents a 7-day decline of more than $700.

Currently sitting at $3,906, the BTC price has touched the 3800$ line once again yesterday, with over $660 M worth of Bitcoin exchanged in the past 24 hours on the BTC USD pair, which has a 33.88% share of daily volume, second to JPY at 44.85%.

Source:  CryptoCompare

The Ethereum price has fared equally as poorly. A week ago, it was trading at $330–having already declined $60 on the heels of China’s ICO ban. Since then, it has dropped well below the $300 threshold. Yesterday, it fell as far as $261, setting the Ethereum price at its lowest point since August 7.

At press time, Ethereum’s price is sitting at $274.66, with volumes of $280 M worth of ETH exchanged in the markets in the last 24 hours on the USD

Read more about current Ethereum Price and Ethereum Market Update @ CryptoCompare

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