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%.
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