Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Bitcoin extends losses to drop below $4,000 amid China uncertainty

Published 11/09/2017, 12:17 am
Updated 11/09/2017, 12:26 am
© Reuters.  Bitcoin extends losses to drop below $4,000

© Reuters. Bitcoin extends losses to drop below $4,000

Investing.com - Bitcoin, the world's biggest digital currency by market cap, briefly fell back below the $4,000-level on Sunday, extending weekend losses on reports saying that China was planning to shut down local cryptocurrency exchanges.

Bitcoin sank to a low of $3,974.10 and last traded at $4,138.60 by 10:15AM ET (1415GMT), down $179.30, or around 4.2%. The digital currency rallied to an all-time high of $4,911.80 at the start of September.

It lost nearly 7% on Friday in response to a report from a Chinese news outlet that said Beijing was planning on shutting down key Bitcoin exchanges in China.

However, officials at three Chinese bitcoin exchanges - Beijing-based OKCoin, Shanghai-based BTC China, and Beijing-based Huobi - said they have not heard anything from the Chinese government thus far.

The latest crackdown on cryptocurrency activity in China comes a few days after the People’s Bank of China sent shockwaves through the cryptocurrency market, after imposing a ban on individuals and businesses from raising funds through initial coin offerings (ICOs).

Ethereum, Bitcoin's closest rival in terms of market cap, sank 5%, or $14.29, to $288.50. It rose to a record peak of $394.78 on Sept. 2.

Other prominent cryptocurrencies such as Litecoin, Bitcoin Cash, Ripple and Dash also traded sharply lower.

The total value of all publicly traded cryptocurrencies was $140 billion, a figure that was down more than 20% from a high of nearly $180 billion reached a little more than a week ago.

To stay on top of the latest moves in the crypto-space, be sure to check out: https://www.investing.com/crypto/

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.