A few days ago China just announced that their government banned all ICO activities, and instantly the bitcoin price went down. how do you think about this?
China is an obvious main player in crypto, with Bitmain having a basically mining monopoly and a ton of other miners ending up on China due the cheap electricity and cheap labour essentially.
This is nothing but more FUD and more insider trading. Look at the PBOC incidents last summer. They were able to dump the market, and the market recovered and we went to an ATH. This is the same all once again. Weak hands will get shaken, strong hands will hold, insider traders will get a ton of BTC from the panic sellers. The same cycle always repeats on all markets.
True. Considering how the gov't there is quite corrupt, it's not unlikely that people with good connections already caught wind of it several days before the announcement. Also, doesn't the Chinese government itself hold bitcoins? It seems that whatever happens, they'd always win.
I wonder when will other governments would jump the band wagon to try to get into the cryptocurrency industry. Are there even governments out there buying bitcoins?