The cryptocurrency market plummeted yesterday following news that the People’s Bank of China had imposed a ban on all initial coin offerings (ICOs).
While major coins like Bitcoin and Ethereum saw a big drop, many smaller coins were heavily affected – especially ones with close ties to China.
Bitcoin was approaching the $5,000 mark over the weekend, but fell sharply after the announcement, while the price of Ethereum also took a hit.
The market has since started to stabilise, but many coins have lost millions of dollars in market capitalisation – with their prices still low compared to earlier in the week.
We used data from CoinMarketCap to detail the worst-affected cryptocurrencies, based on price and market capitalisation values from 4 to 5 September 2017.
The cryptocurrencies heavily affected by the ICO ban are detailed below.
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