Bitcoin prices fell almost 21 percent after the People’s Bank of China banned ICOs. This was enough to end the trend on the daily charts. Litecoin, on the other hand, remains in rally mode despite suffering large losses as well. Bitcoin Falls 21 Percent on ICO Ban

Bitcoin fell from the $4,960 high reached a few days ago to hit a low of $3,930 today. This is a drop of $1,030 or 21%. We are currently trading at $4,247 after a sizeable recovery from the lows. The main reason behind the drop was news that the PBOC banned ICOs in the country. More on this developing story HERE. To read a brief explanation on ICOs please click HERE. There are rumors that the PBOC might take further action on ‘virtual currencies’ soon. Read more: