Re: Big Governments Are Crushing Cryptocurrencies -- Bitcoin Down 10 Percent

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.

Oh you mean those whales? If those whales will move of course it could create a panic to every traders and investors since they can manipulate the price range if they want to and could get it back to normal again. If you are always watching the price chart of bitcoin you will notice that whales are moving too fast because it could be too risky to stay long because it could cut their profit once the traders and investors notice it.