Bitcoin (Bitcoin) dropped below the important benchmark of $4,000. China-based OKCoin displayed the price as low as $3,969 price, Bitcoin.com reports.
At the meantime it is trading at $4,037.50 across global exchanges – a 20% decline from its all-time high of $5,013 observed on September 1.
On Monday China’s central bank the People’s Bank of China proclaimed initial coin offerings (ICOs) illegal and demanded all related fundraising activity to be halted immediately.
Earlier today it has been reported that the South Korean authorities are considering similar move. South Korea’s digital currency task force held a joint meeting where saw plans drawn toward strengthening user authentication procedures at exchanges as well as ‘suspicious transaction reporting’ systems at banks for transactions related to digital currencies.
They authorities also discussed plans to “punish” initial coin offering (ICO) fundraising platforms for violating the capital market act by raising funds through stock issuance using digital currencies.
The cryptocurrency market has lost close to USD 36 billion in value since Friday and currently stands at USD 142 billion as per coinmarketcap. After peaking close to levels of USD 180 billion, the total market cap of cryptocurrencies has dropped around 20%.