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
Do you know how dumb that comment is?! Governments crushing cryptos??? Ehhmm NO! It's all about ICOs! Just ICOs! And only in China! There are a few more countries out there I would guess right?! The market is overreacting as we've seen so often when you some news came out which may only influence a small portion of the market in the future. Nothing of a big deal. Just a dip you should take advantage of. That's it!
Have you noted that South Korea is following a similar path to China? If it was just ICO's then why would Bitcoin or Ethereum come down?
While crushing is a strong word. Cleansing is more appropriate in the China situation