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The Crash: Bitcoin, Ethereum Prices Plunge as Market Drops Below $100 Billion
The impetus for this continued downward momentum is the shaky Chinese regulatory environment. Following more than a week of unconfirmed reports that the People’s Bank of China (PBoC) would ban bitcoin exchanges, BTCC–the world’s longest-running cryptocurrency exchange–announced yesterday it will suspend trading on September 30. This announcement was followed today by closure announcements from Yunbi and ViaBTC, and a new report from Chinese media service Caixin says that Huobi and OKCoin will shutter their platforms in October.
Bitcoin Price Dips Below $3,000
The bitcoin price fell another 17% on Friday, bringing its 7-day decline to 36%. Significantly, the bitcoin price has fallen below the $3,000 threshold for the first time since early August. At present, the global average bitcoin price is $2,970, which translates into a market cap of $49.2 billion.