Big governments are catching up with Bitcoin and other cryptocurrencies. And are crushing them.
A couple of days after announcing that Initial Coin Offerings (ICOs) are seriously disrupted the economic and financial order, the Chinese government banned ICO funding.
That was certainly bad news for cryptocurrencies, which crushed across the board, with Bitcoin losing close to 10 percent, Ethereum 21.74 percent, Litecoin 24.92 percent, and BitConnect 32.10 percent.
Coin/Investment Trust Change 24H*
Bitcoin (BTC) -9.84%
Ethereum (ETH) -21.74
Litecoin (LTC) -24.92
BitConnect -32.10
Pretty devestating losses but it was coming either way.
Markets are going to be especially fragile when the price is in a bubble, and any negative event could mean a 10+% dump off.
Still though right now the price is recovering pretty nicely. Wouldn't be surprised at all if by the end of the month we see another bull wave that rides bitcoin to over $4700 again. I don't think that we have seen the peak of the bubble just yet.
Bitcoin dominance is again rising, which is good.