Investors Warily Await China Crypto News

Investing, News | September 11, 2017 By:

Cryptocurrency prices continued dancing on the knife’s edge on Tuesday, as investors held their breath while awaiting official word from China on the fate of their domestic exchanges.

News reports indicate the company is about to ban crypto exchanges, but conflicting rumors have ranged from a total ban to grandfathering in existing customers to allowing institutional investors to continue purchasing bitcoin and other cryptos. Official word could take a while to emerge as the People’s Bank of China consortium weighs its reaction.

The same consortium banned initial coin offerings (ICO) last week, and investors are worried that a similar drastic action might temporarily hobble pricing.

Legacy bitcoin (BTC) hovered at $4,087 for a single-coin today, down from yesterday nearly two percent. Ethereum continued to waver, now at $288, down nearly three percent, with Bitcoin Cash (BCC) at $506 for a single coin, down five percent.

Also retreating were Ripple XRP ($0.208347, down four percent); Litecoin ($64.21, down three percent) and Monero ($111).  The lone good news was Dash, which was up percentage points to $322.