$4,000: Bitcoin's Price Shrugs Off China Exchange News

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Bitcoin’s price has bounced back above $4,000 following market losses linked to the recent regulatory crackdown in China.

After China’s early September ban on initial coin offerings (ICOS), news on September 15 that bitcoin exchanges were shutting down following directives from government officials sparked a market drop that sent prices reeling to a low of $2,981.

Since then, however, markets have recovered, and this morning’s session saw bitcoin reach a price of $4,061 at press time, according to CoinDesk’s Bitcoin Price Index.

Other cryptocurrencies are experiencing gains today as well. The combined cryptocurrency market capitalization is currently at $137 billion, according to CoinMarketCap data, up from a low of below $100 billion just three days ago.

Among the top 10 cryptocurrencies by market cap, several have seen notable rises in the past 24 hours, with ether (19 percent), bitcoin cash (14.3 percent) and IOTA (26.2 percent) reporting significant gains.

Hot air balloon image via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at [email protected].

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.


Source: Coingraph

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