Breaking -- China Declares ICO's Illegal, Affecting Bitcoin Price and others
Source: http://www.zerohedge.com/news/2017-09-04/ethereum-bitcoin-crash-after-china-declares-initial-coin-offerings-illegal
https://www.cnbc.com/2017/09/04/bitcoin-digital-currency-price-falls-on-china-ico-ban.html
China confirmed it's threat and has made ICO's illegal. The PBOC (People's Bank of China) made the annoucement on Monday.
The PBOC requested that all fund raising activity stop immediately. Furthermore, any fundraising that has been initiated should return the money to the investors.
The ICO sector in general has come under heavy scrutiny in many countries. The SEC (US based Securities and Exchange Commission) may have signaled their policing intentions when they suggested that ICO's may be classified as securities.
Obviously, the old saying "throwing the baby out with the bath water applies" as all the crypto's are taking it on the chin the past 24-36 hours as a significant sell-off can be seen.
Comment
For those that were concerned about runaway prices, you may have a new entry point as a gift thanks to the PBOC. Will things change in the future? Guidelines and regulations for ICO's do make for a safer investment vehicle. At the same time, we don't enjoy government regulation.
Thoughts...?
THIS IS A PLAIN PURE BULLSHIT..A FAKE NEWS, ABOUT BITCOIN & ALTCOINS CRUSH RELATED TO CHINA ICO BAN. THE CRUSH WARNING HAS BEEN HIGHLIGHTED AND BEEN PREDICTED ALMOST 3 WEEKS AGO...IT'S WELL NOTED AND EVEN TO SOME EXTEND THEIR* ANALYSIS ASSESSMENT IT'S ALMOST PERFECT ON THE COMING CRUSH...
"Sheba Jafari, the head of technical strategy at Goldman Sachs, wrote in a note sent to clients on Sunday that because bitcoin was approaching her target of $3,691 (which it has since passed), an extension wave five of this move could take bitcoin all the way up $4,827 before a correction pushes it all the way down to about $2,221"
*A) GOLDMAN SACHS: Here’s when we’ll know bitcoin’s top is in.
Jonathan Garber, Business Insider US August 14, 2017.
http://www.businessinsider.my/bitcoin-price-technical-analysis-goldman-sachs-top-2017-8/?r=US&IR=T
B) Bitcoin (BTC) Update: We are VERY CLOSE to a wave (v) of 5 of III top! What to do? This is what I'm doing...read the blog.
https://steemit.com/bitcoin/@haejin/bitcoin-btc-update-we-are-very-close-to-a-wave-v-of-4-of-iii-top-what-to-do-this-is-what-i-m-doing-read-the-blog
THE FAKE NEWS RANDOMLY EXAGGERATED AND MANIPULATED BY THE MAINSTREAM MEDIA TODAY.
I don't disagree, many organizations or investors want in at lower prices. They can manufacture the news as they wish and push fear to get their price...they load up....and then all is good with cryptos....until the next fall. Rinse and repeat.
Classic pump and dump. These markets are all so tiny and easy to manipulate.
But the China news is real. Better suck it up and deal with it. Personally, I do not mind if scams/low quality ICO's stay of the market this way.
These down cycles cab extreme but short as others are thinking long term an lower entry points...my guess.