Cryptocurrency boom stalls as regulators focus on ICOs
Posted in: Miscellaneous at 07/09/2017 14:29
The latest cryptocurrency boom is beginning to stall as regulators worldwide turn their attention to the “initial coin offerings”, which have driven a precipitous rise in the sector’s market value reaching a high of $177bn (£136bn).
The total value of the hundreds of tracked cryptocurrencies has fallen by more than 18% to $145bn since Friday’s high, according to analytics site CoinMarketCap. The collapse seems to have been triggered by a ruling from the Chinese central bank that declared it illegal to raise money through launching new cryptocurrencies.