07 Sep Panic Priced! Bitcoin, Altcoins Already Recovering From China Movements
Bitcoin is already recovering from Chinese ICO ban announcements after falling as low as $4,008 Monday.
Data from Bitcointicker.co and elsewhere shows an early correction to almost $4,400 followed by a drop to $4,008 during the 24 hours to press time.
Later Tuesday a second sustained correction got underway, with prices currently circling $4,270.
Altcoin markets remain mixed, with some top-20 assets also showing signs of reversing losses as Bitcoin climbs, while others continue to hold lower.
NEO, which reacted particularly strongly to China’s ICO ban due to the market being its principal use case, has also come off its intermediate lows to rise around 10 percent Tuesday.
A complete Chinese ban now appears to be priced into the market as the People’s Bank of China’s latest statement calls for immediate “ceasing” of all digital token activities under its jurisdiction.
South Korea had followed with stark warnings about unauthorized funds gathering, while Hong Kong appeared to take an approach more like the US Securities and Exchanges Commission, reporting today that tokens may or may not constitute securities.
For traders, the pressure will meanwhile be on developers of exposed projects such as NEO to “adapt,” as commentator Chris Burniske wrote on Twitter Monday, to the post-China environment.