Bitcoin little changed, Bitcoin Cash gains ground

© Reuters. Bitcoin little changed, Bitcoin Cash hits 2-week highs – The price of the digital currency bitcoin was trading near the $4,550 level on Thursday, having clawed back all of the losses from Monday’s slump, which was triggered by China’s ruling that initial coin offerings are illegal.

On the U.S.-based Bitfinex exchange, Bitcoin touched a low of $4,465.30 and was at $4,569.9 by 06:42 AM ET (10:42 GMT) having opened at $4,594.60.

At current prices bitcoin has a market cap of about $75 billion.

Cryptocurrency prices, including bitcoin dropped on Monday after China banned all fundraising related to ICO’s, in what is the strongest regulatory challenge so far to the burgeoning market for digital token sales.

The popularity of coin offerings has surged in China this year. ICOs have become a bonanza for digital currency entrepreneurs, allowing them to raise large sums quickly by creating and selling digital “tokens” with little or no regulatory oversight.

Prices then rebounded as bitcoin traders seemed to view the selloff as a buying opportunity.

Meanwhile, the price of the new bitcoin offshoot, Bitcoin Cash rose to its highest level in two-weeks. It touched a high of $697.00 and was last at $692.00, having opened at $646.00.

At current prices, bitcoin cash has a total market capitalization of around $11 billion, making it the third most valuable cryptocurrency.

Elsewhere in cryptocurrency trading, Ethereum, the second biggest cryptocurrency by market cap after bitcoin, was down 3.07% to $327.00.

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