Look Out Below, As Spooked Investors Crater Crypto

ICO News | September 8, 2017 By:

Big money came off the table today, as investors were spooked by rumors that China is considering a further crackdown on its cryptocurrency industry, this time targeting exchanges.

A report by a Chinese-language news outlet said that authorities are considering shuttering some exchanges. That radical move would devastate the cryptocurrency industry, as many of the largest exchanges and miners are based in China. The report gained credence thanks to China’s unexpected declaration on Monday that initial coin offerings were henceforth banned, and that companies that had conducted ICO fundraising had to give back the money raised.

That news, combined with worries about a potential South Korean action on ICOs and its exchanges – not to mention the threat of war on the peninsula – had investors scrambling.

Today’s pullback saw legacy bitcoin’s (BTC) single-coin price dive more than eight percent to the $4,227 level at mid-day;  ethereum’s ether was down more than 10 percent to $294; Bitcoin Cash (BCC) was down more than 10 percent to $588; Litecoin bottoming more than 16 percent to $66; Dash down four percent to $327; while Ripple XRP, which had a major lawsuit filed against it, was cratering to the tune of more than six percent, sitting at $0.210000 at mid-day.

Monero was somehow spared from the meltdown, dipping just over one percent to $117.

The Block Tribune Volatility Index, which measures price fluctuations in BTC, was at BTVI 60.9 for the 24-hour period, indicating well above-average price swings.

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Bitcoin market highlights for the 24 hours ending September 8, 2017 at 3:22 pm U.S. Eastern TimeThe highest price seen was $4,877.05 on the LakeBTC exchange at 5:00 am today. LakeBTC saw $23,165,000 of bitcoin change hands.

The lowest price seen was $4,046.63 on Bittrex’s exchange at 10:18 am today. Bittrex’s 24 hour volume was $58,752,900.

The average price on the surveyed exchanges, as weighed by volume, was $4,537.23.

Volatility was greater than average, with the BlockTribune Volatility Index coming in at 60.9. A higher number indicates greater price volatility with 50 describing an average day.

These statistics were consolidated from 10 different exchanges. It includes only USD/BTC trades and only on those exchanges that had at least 1% of the total volume of USD/BTC trades during the measurement period.