Following the announcement from the People’s Bank of China that calls for immediate “ceasing” of all digital token activities under its jurisdiction Bitcoin prices took a plummet falling as low as $4008 on Monday.
However, the cryptocurrency seems to already be recovering at a very good rate with it being at $4519.98 at press time, according to CoinDesk.
Altcoin markets remain mixed with some of the top 20 assets also showing signs of reversing their losses, as Bitcoin climbs.
NEO, (dubbed as the Ethereum of China), which reacted strongly to China’s ICO is also showing good signs by rising to around 10 percent on Tuesday.
South Korea has also given warnings about unauthorized funds gathering, while Hong Kong appears to have taken a similar approach to the US Securities and Exchanges Commision.
Following this, there is added pressure to the developers of the relevant projects such as NEO to quickly adapt to the post-China environment.