One thing is certain: The persistent rumors and the eventual confirmation of a Chinese regulatory crackdown on bitcoin and others cryptocurrencies took down the collective market capitalization, from $179 billion on Sept. 9 to $100 billion on Sept. 15.
The rest of the story is less clear-cut. The People’s Bank of China (PBOC) only officially confirmed on Sept. 4 that it would make illegal the issuance, sale, and trading of new cryptocurrencies and tokens in initial coin offerings (ICOs).
