https://qz.com/1073049/the-ethereum-eth-price-and-bitcoin-btc-prices-are-crashing-on-a-china-trading-ban/

China’s authorities are planning to shut down the country’s cryptocurrency exchanges, a sweeping move that will effectively close the market for trading of all digital currencies, including bitcoin and ether, in addition to the digital tokens issued by the red-hot “initial coin offerings” (ICOs) that investors have flocked to recently. That’s according to a report (in Chinese) by the business publication Caixin, citing unnamed officials familiar with the matter.

Bitcoin and ether have plunged on the back of the report. Ether was down 12%, falling from $329 to $289 as news broke. Bitcoin was down 9% on the news, falling from $4,650 to $4,224. Both have now rebounded somewhat. Bitcoin’s fall is now 5% below its level before the news broke, while ether is down 7% from its price before the report surfaced.