Bitcoin price falls below $4300

After a great surge up to $5000 Bitcoin price finally falls drastically 
04 September 2017   523

The whole cruptocurrency community has been taking its breath watching the bitcoin price surge for the several days. However, just two days after achieving a historic high of over $5,000, the price has fallen below $4,300.

Bitcoin price chart on coindesk.com Bitcoin price chart on coindesk.com

According to the data provided by coindesk.com, Bitcoin started the session at $4,631, until around 07:00 UTC, when a sharp drop was observed taking the cryptocurrency to a low of $4,345 for the session.

At the time of writing, the price is about $4222 and Bitcoin's market capitalization is $69,850,102,721.

Bitcoin charts on coinmarketcap.com Bitcoin charts on coinmarketcap.com

The Bitcoin price fall corresponds to a general drop in the cryptocurrency markets. Thus, the data reveals that most digital assets are down today:

Cryptocurrency list on coinmarketcap.com Cryptocurrency list on coinmarketcap.com

As shown, Ethereum is down 15.61%, Litecoin is down 15.61% and Monero has dropped 12.60%.

German Financial Regulator Clarifies Stance on ICOs

The Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) has clarified its position on ICOs
22 February 2018   29

German financial regulator admitted it was receiving many inquiries about the status of tokens and cryptocurrencies. According to an advisory letter, BaFin provides some basic definitions of ICOs and related terms. It is important because the results of a new survey showed that more than two-thirds of Germans know about bitcoin.

In this letter, BaFin educates the public and explains how tokens are typically generated, how blockchain works and that ICOs are used to raise funds for startup projects. The note states that for regulatory purposes, ICOs, tokens, coins, and cryptocurrencies are subject to the existing provisions in the field of securities supervision and other relevant national and EU laws.

The authority advises participants in ICOs to check and follow rules applicable to regulated financial instruments, such as securities. If businesses or individuals have any doubts about regulations, they should approach BaFin.

According to BaFin, companies should fulfill any obligations under the Banking Act and the Capital Investment Code, the Insurance Supervision Act and the Payment Services Supervision Act. The transactions may be prohibited if relevant regulatory requirements are not met.

The authority also states that legal classification of tokens requires precise examination. It will determine their status on a case-by-case basis after studying their features. The token should be transferable and tradable on cryptocurrency trading platforms in order to be classified as a security.