On September 4, Bitcoin (Bitcoin) dropped to a low of $4,140. Only several days after it reached its all-time high of $4,980, Bitcoin.com reports.
Earlier that day China’s central bank the People’s Bank of China has proclaimed initial coin offerings (ICOs) illegal and demanded all related fundraising activity to be halted immediately.
According to the local media Caixin the bank has determined that ‘more than 90%’ of ICOs to be in violation of fundraising laws.
That was certainly bad news for cryptocurrencies, which crushed across the board, with Bitcoin losing close to 10%, Ethereum (ETH/USD) 21.74%, Litecoin (LTC/USD) 24.92 %, and BitConnect 32.10%.
Bitcoin is holding above $4,150, so it may consolidate in this territory and push higher this week with some bounce back.
The cryptocurrency market has lost close to USD 36 billion in value since Friday and currently stands at USD 142 billion as per coinmarketcap.
After peaking close to levels of USD 180 billion, the total market cap of cryptocurrencies has dropped around 20%.