Bitcoin Halts Decline After Plunging on China's Coin Offerings Ban

Updated on
  • Decline follows 11% tumble Monday after China banned ICOs
  • Cryptocurrency still up more than 50 percent since July

Bitcoin Tumbles After China Halts Initial Coin Offerings

Bitcoin steadied after its biggest drop since June as investors and speculators reappraised the outlook for initial coin offerings.

The cryptocurrency pared a decline of as much as 6 percent on Tuesday and was at $4,390 as of 9:39 am. in London. It’s still up more than 50 percent since the end of July.

For a deeper look at China’s regulatory moves against new bitcoin, click here.

China’s central bank on Monday said initial coin offerings are illegal and asked all related fundraising activity to be halted immediately, issuing the strongest regulatory challenge so far to the burgeoning market for digital token sales.

  • Bitcoin skidded 11 percent on Monday.
  • Ethereum, another cryptocurrency, fell 6.2 percent over the past 24 hours, according to CoinDesk prices.
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