Hi everyone as you all know that on Friday the price of Bitcoin was over 4600$ and then shortly after it suffered a dramatic drop, falling all the way to four thousand. So let's see what happened the price suffered a sharp fall after a report was released indication that China's regulators are planning a further crackdown.
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We already saw the price of Bitcoin plummet at the beginning of last week after the media published reports regarding China's decision to ban initial coin offerings South Korea also promised to increase levels of punishment for those trying to raise money through ICO's. It then managed to recover its losses during the week and climbed past but on Friday we saw plummet again and Bitcoin continued to fall over the weekend and reported that China was planning to close down local crypto currency exchanges.
Today Bloomberg and The Wall Street Journal published reports mentioning that China was drafting a plan to ban commercial trading of all crypto currencies. The total cryptocurrency market cap climb to almost billion US dollars at the start of this month and now it has dropped to under billion so let's take a look at the performance of some other cryptocurrencies. Etherum fell from around 328$ on Friday to under 290$ later in the day on Sunday.
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It fell to around today we saw touch 300$ before falling a little lower. Ethereum set a new transaction through put record processing over half a million of transactions in less than an hour. Ethereum is expected to get an upgrade called metropolis on September. Homestead was the last network upgrade ethereum received moving over. It's a Bitcoin cache it climbed over $ on Thursday. It then fell a little lower but the next day it climbed to around before it started. Its dramatic decline. It then fell all the way below 300$ on Friday and continued to tumble dropping below on Sunday.
Ripple also experienced sharp drops on Friday and Sunday. On Friday or three a consortium of over financial institutions across the globe sued ripple over an options contract to purchase more than billion US dollars worth of XRP and the later in the day ripple counter sued.
Let's take a very quick look a lite coin which was around 80$ on Friday before falling to around on the very same day it fell under 68$. On Wednesday today it is around 62$.
Well let's see what's happening in Russia. The Russian Finance Minister does not see the need to ban cryptocurrencies but wants to see more regulations at the Moscow Financial forum. He said that the State understands indeed that crypto currencies are real there is no sense in banning them there is a need to regulate them.
According to Russia today the minister also said that the ministry's aim is to make the purchase of crypto currency is covered by law to the same level as purchasing Treasury bonds and other securities .