Bitcoin
Newsflash: Bitcoin Price Falls to $3,000 but China Influence Wanes
Bitcoin price dropped further amid a frenzied market sell-off on Friday in a week where two major Chinese exchanges announced the halt of trading operations following regulatory scrutiny.
Bitcoin prices fell to a new 40-day global average low of $3,023 on Friday as the global market reacts to significant goings-on in China. Prices fell nearly 20% on the day, losing nearly $700 since trading on Thursday.
While the country’s ban on ICOs and – presumably – bitcoin and cryptocurrency trading platforms steps up a gear, some observers see the bright side in pointing to the waning influence of China on bitcoin.
Regional news cnLedger put the spotlight on price movements following regulatory burden, highlighting the lessening impact of Chinese regulators on bitcoin’s value.
Once the world’s largest bitcoin trading market with over 90% of activity, China is now behind USD-based markets and Japanese markets, according to market data.