Breaking: Bitcoin, Altcoin Prices Tumble up to 25% on China Exchange Ban Rumors

Bitcoin and altcoins have dropped up to 25% in hours after rumors the Chinese government is banning cryptocurrency exchanges once again.

Comments surfacing on social media link to local media outlet Caixin, which suggests regulators are seeking a shutdown of exchanges as part of the ICO ban imposed earlier this week.

Markets have reacted sharply, Bitcoin losing over 8% to head towards $4200 from $4670, while Litecoin fell 15% and others followed.

NEO, the Chinese ICO project especially affected by regulatory upheaval, lost 25%.

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