Bitcoin Price Falls 11% after China Bans Initial Coin Offerings

During the last couple of weeks, the Bitcoin price continued its bullish run, with its value shortly exceeding the threshold of USD 5,000 per unit. Yet, it seems like regulatory issues in countries with massive trading volumes can have a strong impact on the value of Bitcoin.
One of such for example is China, as the price of Bitcoin fell by around 11%, after Chinese regulators decided to ban all organizations raising funds through initial coin offerings, also known as ICOs. For those who do not