Market Update!!!
China continues to impact the crypto markets. Today BTCChina Exchange decided to shut down all trading at the end of the month. Markets reacted with BTC falling to $3500. Make no mistake, the Exchange isn't banned by the China government, rather BTCC themselves decided to shut down trading. After considering the announcement of preventing risks associated with token fundraising by the 'Seven Regulating Bodies', they decided to shut down trading because they also participate in ICO activities.
For the long term, this news is pretty insignificant but of course it upsets short term markets.
Meanwhile in Russia, minister Abyzov of Open Government advocates for official recognition of Bitcoin as a financial tool.
Vitalik Butterin, father of Ethereum, confirms the views of many others saying 'we are in an ICO bubble'.
Don't open to many new positions in altcoins at the moment If you are in it for short term gains. For mid and long term however, this period makes for nice entry levels in bitcoin and several alts.
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