Bitcoin tumbled last Friday in light of China’s proposed shutdown on cryptocurrency exchanges in the country.
The popular cryptocurrency soared during the past few weeks, touching nearly $5000, but dropped to $4,227 before resurfacing to $4,309.80.
Analysts predict that the setback may be temporary, and the plan still seems to be uncertain. Sources have said that according to three Chinese bitcoin exchanges, the government has not yet said anything to them. Greg Dwyer of BitMEX also said that there had been confusion on the matter right after the ban on ICOs.
He added that there could be further downsides over the weekend if the rumors turn out to be true.
Source: US News