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
These news will not affect bitcoin at all,but the markets reacted to the news banning ICO from China and we saw the markets going down and these things does not have any direct impact on bitcoin to be frank,but the alt coin market is affected with the news as the coins from China cannot fulfill their promises and their future is at stake,it was expect that there will be regulation against ICO since they are getting millions of dollars worth of funds with every ICO,so it is not a big surprise.