China Fears Spread Beyond Bitcoin As Crypto Markets Slide

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The digital currency markets experienced widespread price declines today, as concerns surrounding the latest developments in China motivated many traders to sell off not only bitcoin, but alternative digital assets.

The development follows the PBoC’s announcement today that it warned several domestic exchange operators that they must comply with regulations or risk being shut down. Traders also received startling news from major operations Huobi and OKCoin that, effective immediately, they would suspend bitcoin withdrawals for one month.

Markets reacted strongly to these developments, with bitcoin prices falling to as little as $942 at 14:30 UTC, a more than 10% decline from the opening price, according to the CoinDesk Bitcoin Price Index (BPI).

The digital currency then recovered, rising to $975.21 at the time of report.

Yet, even after this increase, bitcoin prices were still roughly 7.5% lower for the session, BPI figures show.

Impact spreads

Even in alternative digital asset markets, the impact of the development in bitcoin was widely felt.

Ether, which powers the smart contract-based platform ethereum and is the second-largest cryptocurrency by market capitalization, fell to as little as $10.67 on CoinMarketCap, down close to 7% since the start of the day.

The digital token then recovered

Read more ... source: CoinDesk

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