The rate of the most popular crypto currency, Bitcoin, has fallen dramatically. The cost of Ethereum also went down.
On September 13, the price of Bitcoin dropped to $ 3,964 per coin. In percentage terms, the quotation has fallen by almost 21% from its previous record of $ 5012, reached on September 2.
At the time of writing, the cost of Bitcoin fluctuated slightly below $ 3,950 per coin.
Panic in the cryptocurrency market is caused by reports in media sources about China’s ban of all ICOs (Initial Coin Offering - the initial placement of coins, the form of attracting investments in new technological projects), as well as news about the ban of crypto-exchanges in the country. Also, one of the Chinese stock exchanges - BitKan has announced that, starting on September 14, it will suspend all the operations with crypto-currencies.
Another popular crypto-currency, Ethereum, also fell in price. At the moment of writing, it fell to $ 270 per coin. Compared to its recent peak on September 2, when it reached $ 388, the decline was more than 30%.
In addition, according to the exchange data of coinmarketcap, the total market value of Bitcoin is less than $67 billion, while the total capitalization of all the cryptocurrencies is just over $ 140 billion.
On August 1, there was a so-called fork (separation) in Bitcoin. As a result, two crypto-currencies were formed - the original Bitcoin (BTC) and the new Bitcoin Cash (BCC/BCH).
After less than a week, the Bitcoin rate set a new historical record, hitting $ 3,300 per coin. The next day, Bitcoin once again broke its record. Its value has increased above $ 3,400.
After its new record of $ 5,000 for a coin, Bitcoin entered a bearish trend which continues to this day.
Another catalyst of the downward trend of Bitcoin was the statement of the head of JP Morgan, Jamie Dimon, who has recently criticized crypto-currencies and promised to fire every employee who trades Bitcoin.
Another well-known financier - the guru of the debt market, founder and head of DoubleLine Capital, Jeffrey Gundlach - was also skeptical about the cryptocurrency.
We will keep you updated with more info related to Bitcoin’s evolution!