We saw bitcoin fall to around $4,000 today, only on Saturday we saw it climb to around 5,000 on some exchanges. This is the biggest drop we have witnessed in a while. As you can see Bitcoin hit a few record highs recently and the price skyrocketed on Saturday before starting its dramatic decline. Ethereum fell below $270 today but it regained some of it losses climbing back towards $300. Bitcoin Cash dropped below $500 today, before climbing back over $500.
China’s decision to make ICO’s illegal seems to have weighed heavily on the price. The PBOC this week introduced a ban on Initial Coin Offerings and announced that all those projects need to return the funds they raised.
Despite this bad news, many remain bullish for bitcoin and more celebrities are showing interest in the cryptocurrency world. Paris Hilton is the latest celeb to get involved. She recently tweeted that she was “looking forward to participating in the new” LydianCoin — a platform that wants to combine the blockchain with “targeted, AI driven digital marketing and advertising services.” According to its white paper, Lydian hopes to raise $100 million by selling 20 million coins at $5 each. Of course Hilton is not the only celebrity who is interested in cryptocurrencies, Floyd Mayweather has been promoting two different ICO’s. In July, he promoted the ICO for the Stox project in an Instagram post. Stox later raised more than $30 million in its token sale. And the second ICO that he has been promoting on social media is Hubii Network, a blockchain based decentralised content marketplace. It’s token sale finishes in two days.
And finally, a technical conference is expected to take place in Paris from September 9th to 10th.. This event called Breaking bitcoin focuses on the security of Bitcoin and everything around it. The presentations will be technical, presenting practical or theoretical attacks or vulnerabilities on the network, the users, or other resources. It is geared towards people with knowledge of the technical aspects of bitcoin or security in general.