I have not posted here before, so maybe no one will reply, but I'm still trying to wrap my mind around why China's decision to ban ICO's had such a huge impact on the value of cryptocurrency in general. Seems unrelated in a sense...I am a huge believer in what bitcoin can offer...are ICO's undermining that effort?
It seems unrelated because it most likely is. To be honest, I don't think China's ICO statement was the cause of the current dip. It's only natural that a correction would occur after a new ATH, especially with a psychological barrier such as USD 5000,-. People always try to find an explanation after the fact and sometimes occurrences such as China's ICO statement simply seem to fit.