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
If I were you I wouldnt say that big governments are crushing cryptocurrencies because most are not even moving at all to affect bitcoin price only China does. Also to clarify, China is not against cryptocurrency and is somewhat not crushing it but they are against ICO's and is somewhat illegal to their country. On the other parts of the world, joining or supporting ICO is still legal and therefore, big governments are not crushing cryptocurrencies now.