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
This is one of the fundamental issues that usually affect the market value of bitcoin and any other crypto currency. Although the decline is temporal for with time both bitcoin and other crypto currency will bounce back.
Right, this is nothing but speculators taking advantage of the fear the news is going to cause among traders and investors and using that to their advantage, they are crashing the price so they can buy for cheap and then when the price goes back to normal they can get some easy profits.