Bitcoin Halts Decline After Plunging on China's Coin Offerings BanBy
Decline follows 11% tumble Monday after China banned ICOs
Cryptocurrency still up more than 50 percent since July
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.
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.