Cryptos Land: Crypto Marketcap Looses $20 Bl On Rumors Of China Banning Exchanges

Friday, 8 September 2017

Crypto Marketcap Looses $20 Bl On Rumors Of China Banning Exchanges

On 8th of September there had been a rumor circulating on Crypto channels particularly on Telegram and other Facebook groups that China has banned all exchanges except Okcoin. This news brought a major uncertainty in the market as people started to panic and sell their Cryptos. With in a five minutes Bitcoin tumbles from $4650 to $3900. For some it created a mess and other started to book their profits at the dip. Among the top 10 Cryptos IOTA suffered a major loss with -20% followed by Ethereum Classic booking a downfall of -15.10%

Valid or Fake?
During the uncertainty moment the traders bet on news being a fake or real. This lead major fluctuations for Bitcoin price.
However later it was confirmed that news was fake and was circulated by a group of people.
Later it was confirmed that none of the Chinese exchanges received any notice by Government for their closure.

What do you have to say regarding the latest development? 

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