The cryprocurrency market had been affected following the banning of Initial Coin Offerings (ICO) by the Chinese
According t Caixin report, projects that raise money through cryprocurrencies are considered illegal.According to the report , a list of 160 ICO plat forms will be inspected and reported.
A lot of people seeing this as very negative but i think that it’s very POSITIVE! “A list of 60 major ICO platforms were provided for local financial regulatory bodies to inspect and report on, according to Caixin” WE WANT THIS TO HAPPEN. IT WILL RID OF THE FRAUDULENT PLATFORMS!!!!
The 2017 Cryptocurrency Market has experience one of the greatest hits with cryptocurrencies experiencing more that 1000% growth in less than a year. This has created many millionaires within a year.
On the Other hand they had been some major set backs starting in August following the bitcoin Hard Fork which made bitcoin to drop to 1900$. The bitcoin fork equally affected most of the cryptocurrencies leading to what is described by crypto Investors and traders as the August Blood Bath.
In September, Crypto traders were expecting the ethereum hard fork by the end of the month. However, something bigger than the hard fork came up; The Banning of ICO by China.
The Chinese Ban on ICO has led to a blood bath with most cryptocurrencies falling more than 30% in just two days. Hshare has shown the biggest drop (53%) in 24 hours. The pioneer cryptocurrencys which almost hit $5000 has fall to about $4000 in 2 days.
The Die Hard Currencies
Currencies like Verge ,Tether,Faire coin and Pillar seem not to have been affected by the blood bath as the continue to grow even though by a small percentage. We will be updating you with more coins that are exploding at this moment when the crypto market is in Crisis.
ICOs had become one of the fundamental ways which block chain start ups raise funds . However many scams had been experienced by investors with ICOs. Cryptocompare Analysis shows that about $2.3 Billion has been raise in 2017 from ICO with $400 million coming from China.
Reuters.com reporeted that ICO plat forms like ICOINFO have suspended their activities . Most ICO lately are done using ethereum . The recent ban led to ethereum falling to 290$ from about $395 this early September. For the Moment , there is now positive report on how the markets will recovers. NEO a top cryptocurrency found in the China market had been affected so much due to this ban. The ”Chinese Ethereum” as it is called will has fallen to about $22 at the moment we are putting this write up.
In my humbel opinion, The Chinese have put a spotlight on ICO’s and we all know that ICO’s have issues that need to be addressed.
As far as I can see they did not signal out the Gang Of Three or their underlying technologies, those technologies are solid and sound and will only improve in the next few years as Crypotocurrenics grow.
What I see is the funds from Alt-coins pouring into the Gang Of Three in the next few weeks. I am talking here about bitcoin,Litecoin and Ethereum.
Hopefully, the ICO’s will improve and we will see solid businesses being build on the Gang of Three technologies.
This is not a firer sale, this is one of the best Chinese auction ever!
This is but normal that the crypto world is being faced with such challenges. The technology is a disruptive innovation that will change the world and constitute a tool that will reduce the power of governments on money and consequently the people. Cryptocurrencies have come to stay because it is the money of the people for the people. We enjoy the profits and interest since ” we are the Banks”. Cryptocurrencies are created for the future and will stay.
We are experiencing one of the biggest bearish moments in crypto trading , but one question remains.
what condition will bring the bulls into the game?