Following Chinese Ban On ICO's... More Bad News Ahead On Cryptocurrency Market?
There is a massive movement today in the cryptocurrency market. After the reports from Yicai, a financial news agency from China, that ICO's will be banned in China a down trend has been created not only on several cryptocurrencies on ICO's but also to the leaders of these digital coins market as well including Bitcoin and Ethereum.
Now from what the report indicated that it can only be a start on the crackdown of ICO's but more massive regulations can be brewing in this industry. Other countries may follow suit as South Korea announces its intention to regulate ICO industries as well.
The cryptocurrency market quickly reacted by triggering huge sell offs in Ethereum and other ICO's. NEO ( formerly Antshares ) the first ever open source blockchain in China currently on ICO status dropped its value to as much as 30 percent on huge volumes.
This development according to naysayers may hamper the growth and may question cryptocurrencies' stability given the lack of governments' support and approval. But will cryptocurrency market need it in order to flourish remains to be answered.
Watch my video version below of Coin Telegraph's report on this topic.
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