Bitcoin halts decline after drubbing on China’s offerings ban

Madrid

Bitcoin steadied after its biggest drop since June as investors and speculators reappraised the outlook for initial coin offerings.

The cryptocurrency pared a decline of as much as 6 per cent on Tuesday and was at $4,390 as of 9:39am in London. It’s still up more than 50 per cent since the end of July.

For a deeper look at China’s regulatory moves against new bitcoin, click here.

China’s central bank on Monday said initial coin offerings are illegal and asked all related fund-raising activity to be halted immediately, issuing the strongest regulatory challenge so far to the burgeoning market for digital token sales.