Tje People’s Bank of China (PBoC), banned ethereum-based coins but did not after all seem to have much of a result.
Just the other day, the PBoC said initial coin offerings (ICOs) were restricted in China. Ether, which is etherum’s currency, plunged as did bitcoin. But now both bitcoin and ether are back up. Bitcoin moved up a staggering 500 dollars.
Bitcoin seems to be sustaining its higher price and may soon go above $5,000 once again.
The United States, Europe and Asia account for much of the crypto market. Over time, China may reconsider, but in the meantime the market marches on.