Bitcoin Forum

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

I don't believe this is a "crash" as you say, its simply the market adjusting to change, its like an eco-system, it has to balance out in times of extreme change but it will correct over time, a really good time to be investing I'd say !

Actually, bitcoin is now down by 20% . The price of bitcoin is now around 4030 dollars :-[. Unlike what @HotCryptoNews said I agree that big governments like China are crushing bitcoins.

Yes the world government is crushing cryptos, you should abandon ship and move on.


they cant stop cyrpto only the way is to cut off the internet.

Well it's really only China. ICOs are still legal basically anywhere else in the world.

But yeah, this move from the Chinese government has significantly undermined the current pump. Price was almost at $5000 before the correction came that brought it down to around $4700, and when the news came out again the price went down to sub-$4000 territory.

Though price seems to be rebounding back and i think that this is going to be the start of another bull wave - albeit the new regulations. Even though this brought crypto investors nothing but bad news, it actually helped bitcoin get out of a pretty big bubble that was just waiting to be popped.

Pretty devestating losses but it was coming either way.

Markets are going to be especially fragile when the price is in a bubble, and any negative event could mean a 10+% dump off.

Still though right now the price is recovering pretty nicely. Wouldn't be surprised at all if by the end of the month we see another bull wave that rides bitcoin to over $4700 again. I don't think that we have seen the peak of the bubble just yet.

Bitcoin dominance is again rising, which is good.

Yes, and China is only one country. Most of the wealth in the world is in the west, and the west is still pouring money into cryptocurrency.

Do you know how dumb that comment is?! Governments crushing cryptos??? Ehhmm NO! It's all about ICOs! Just ICOs! And only in China! There are a few more countries out there I would guess right?! The market is overreacting as we've seen so often when you some news came out which may only influence a small portion of the market in the future. Nothing of a big deal. Just a dip you should take advantage of. That's it!

yeah it is all about ICO's but it is having an affect on crypto, i agree though - governments are NOT crashing cryptocurencies  ;D its already recovering anyway

Have you noted that South Korea is following a similar path to China? If it was just ICO's then why would Bitcoin or Ethereum come down?
 
While crushing is a strong word. Cleansing is more appropriate in the China situation

Bitcoin was basically the best performing crypto in this dump(apart from tether of course), not surprising if you think about it as ICOs are basically how all the altcoins launch these days. Nobody just release the code into the wild and let others mine the first blocks and whatnot with no strings attached.

China banning ICOs would actually be a positive factor for bitcoin in the long run, in my opinion. Most projects out there are only here to take your money and never redeem what they promised to you in the beginning. The Chinese investors, if they want to get their hands onto cryptos still would have to go with the most obvious option-bitcoin.

Anyways, btc is making a nice recovery back up to $4200 right now. I think we can expect btc to probably rise at least $100 today.

If I were you I wouldnt say that big governments are crushing cryptocurrencies because most are not even moving at all to affect bitcoin price only China does. Also to clarify, China is not against cryptocurrency and is somewhat not crushing it but they are against ICO's and is somewhat illegal to their country. On the other parts of the world, joining or supporting ICO is still legal and therefore, big governments are not crushing cryptocurrencies now.

anyone who has been around for a while or anyone who is new but not super lazy to take a look at the charts would laugh at that title hard until they fall on the floor.

going down 10% in bitcoin is like the normal change in an hour that you don't even lift up your head to watch what is happening!

and the worst part is that "big governments" didn't do anything. big governments have adopted bitcoin. and they are very open to it ever since 2017. they however are always going to be vigilant against all scams aka the ICO scam mania.
if you can't understand the difference here then maybe you are in a wrong place.

It's not just about ICOs, read the PBoC statement! It's all crypto and even platforms that offer background information, pricing, etc.

Already some other countries in Asia are following in the footsteps of China.

Some people tend to forget that Bitcoin is a global market, unlike Forex and the rest of the markets. For this reason, it needs a good 48 hours post-news in order for market participants to make their decisions about what they are going to do. I predict that somewhere mid week or friday as of late, the correction will end and we'll see a clear recovery marching back towards new all time highs, this time to kill the damn $5000 psychological barrier.

So let's give the market a couple of days to absorb the news and realize the fact that these news are irrelevant to Bitcoin, and there's no reason to sell at all.

100% !! thank you !
thats how new people lose money, as soon as it goes down... panic sell..only be greedy when others are nervous and be nervous when others are greedy :) -Warren Buffett

its just a whale dive and they knew with this current issue panic holders will be force selling their coins and that is what happening right now
and I also do believe that after some time maybe after this week bitcoin will bounce back much stronger, just know the drill and enjoy the
ride,.

Looks to me that they have already recover and most of the altcoin is already green. Bitcoin trading in a average of $43xx and may soon get to $4500 again. Yes, billions of dollars have been wipe out already but it doesn't make that we are going to crash or something that bitcoin will die. If you have been in the ecosystem you should know that bitcoin will just laugh at this and them steam will build up leading to another massive run.

Well that's what government do, but I don't think that they are intentionally crushing crypto in general. They are just putting tighter laws just to give protection to those unsuspecting victim by fake or scam ICO. What we don't like is the timing of the announcement. We are enjoying a good run that is suddenly halted by the Chinese and South Korean's banning ICO.

Weak hands sell on news, it was expected with this big rise. We have been through this many many times in the past so I dont think things will change. Also the problem countries are having is with ICOs, which are illegal securities and scamming people. I have no problem with them going after that market.

Hong Kong regulators have now issued a warning about ICO's:

http://www.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=17PR117


This feels co-ordinated. First China bans them. Then South Korea says it is thinking of banning them. Now Hong Kong issues a warning about them.

I wonder if Hong Kong is taking a pot shot at bitfinex?

Well, I don't believe in coincidences to be honest. I think it has to be something coordinated, or probably everyone was considering banning ICOs and they were just waiting for someone else to do it first to see how the market would react. Now that they have seen that idiots sell bitcoin too even if it has nothing to do with bitcoin, we are going to see a lot of governments releasing these news of "ICO banned" prior setting shorts on BTC and probably a couple big volume alts, profit from it, then watch it go to ATH.

The government is eyeing BTC and destroying it? about 10% to 15% down the bitcoin price, because the Chinese government is eyeing BTC because of such unique price movements.

I don't beleive that for me this is just another conspiracy theory. Ok, China has made some destructive movements towards bitcoin but generaly I think we give to much attention and importance to government influence on bitcoin. This situations now will not influence the price long term and I don't think it's aimed to destroy bitcoin because it's simply not duable, not that easy.

I think all of them has taken this mutual step to stop the fraud which was increasing day by day. Every other day a person starts a new altcoin and start the ICO and get lots of money on the name of investing in ICO, and then run away with all those money. Not all ICO are bad but still its a good move to discourage scan via ICO.

I do not think big governments can crush bitcoin as part of the reason people buy it and support it as that at a certain level it is hard to crush by anyone. All this stuff about ICOs is not to be unexpected ie governments issung warnings since alot of the ICOs are just to get peoples money and they should be warned.

The price of bitcoin being up or down by 10% is nothing - it could even drop by 50% or more and will not be crushed. Have a look at the recovery from other big drops - its usually (in terms of years) very fast. Hell we were not so long ago "stuck" at about $250.

So long as it does not trip itself up bitcoin will be fine. Do not worry about governments. Let governments worry about bitcoin.

Well markets have already started picking up. Total cryptocurrencies have again touched $150 bn value.

I dont see it as a negative just rely on the where it come? remember the media can be bought by the money a single blogger or person who can do it. Just think on it . Wether with or without chinese bitcoins will continue to rise there are so plenty of negative news but no one makes, it only makes the bitcoins price dump and give chance to the whales in the bitcoin world.

Chinese is a big player in crypto market and although we may suffer for a big loss by there absence but still the crypto market can still manage to handle this situation since there are non chinese whales and big countries still do trades with crypto. And I think on next time around crypto markets will became more healthier and chinese players will comeback later on these years.

We are back up again, which is an incredibly fast recovery of price. Currently we are already trading at $4500+ per coin.

The Chinese government got scared in my opinion, because they didn't want cryptocurrency to go out of their control and would like to sort of "remind" everyone that they still hold much power in regulating markets.

Where are we going after this recovery, i have no idea. But i think that we might retest the $5000 level again. We are dangerously close to mania territory, though. This could be a bull trap, so be careful trading.

That news coming from China was quite big and can be a catalysts for some movements in the world of cryptocurrency. However, just days after the market is already colored green again...and weeks from now that decision by China won't matter at all. Slowly but surely, the world of cryptocurrency is not anymore focused on China as there are now bigger and new markets conquered where cryptocurrency can operate with ease (even if there are also some rules and regulations that must be followed).

Months from now, opening of new markets can be happening in the continent of Africa and Europe as well as other countries in ASEAN group of nations. Soon, whatever may happened in China will not anymore affect that much the totality of the cryptocurrency market.

You think they're trying to drive the cost of bitcoin down? I would have thought their ire was more towards Ethereum, upon which all these ICOs are built upon.

They know that people tend to panic sell whenever crypto related ban news rise, even if they have nothing to do with Bitcoin. Crypto is still a very new phenomenon, so there are a lot of people in Bitcoin that are panic sellers and prone to panic sell to such news, as demonstrated.

And also as expected, BTC hit the double bottom at $4000 and has now rebounded to $4600. The panic sellers that were expecting $3000 got smoked, shorters got annihilated. Holders win another day.

It's almost more than 48 hours but market is struggling to regain his previous position. Few of them are way below. Hope to see market swinging in full pace.

Isn't market getting back from the crash just after a day? This shows market is today strong enough to bear such negative news. Dump didn't last long. Prices are again increasing of course with some fluctuations. 10-30% ups and downs are common in cryptocurrencies. This should be used as an opportunity to buy some more as top coins can easily get back to high price after a drop. These dumps are short term.

i don't think they are very keen to destroy it or disappear it. i think a huge number of population from china is the world of crypto and there are a huge number of bitcoin miners are from china then why the try to destroy it. i think they have taken a good step of banning of ico's because there are a lot of scam ico's too.

Get. A. Grip.

ICO's have next to nothing to do with bitcoin. They only get easily confused in somebody's head when they don'T know the difference between their arse and a blockchain.

ICO's - tokens..crowdfunded, capital raising ventures.

Blockchains including bitcoins are mined.

Of course..if you still think China banning ICO's (until further notice i should add, they are planning on regulating and licensing them! - Actually bullish! overall for ICO's and the whole cryptospace as a whole)

has or should have any effect of your bitcoins.. then be my guest. They're not realted, really, they're not.

Yes even i saw the news the i feel extremely sad that we live in a world were people are getting more returns and the government isn't happy they should think that if we get profit we will spend more and more tax for them i hope the government stops doing this otherwise bitcoin will be destroyed

LOL, if that is the best they can do then they need to be worried, bitcoins is more affected by internal news than by these bans coming from governments, by the time they try to something more damaging to bitcoin it will be simply too late since bitcoin will become much more powerful in the next decade.

These news will not affect bitcoin at all,but the markets reacted to the news banning ICO from China and we saw the markets going down and these things does not have any direct impact on bitcoin to be frank,but the alt coin market is affected with the news as the coins from China cannot fulfill their promises and their future is at stake,it was expect that there will be regulation against ICO since they are getting millions of dollars worth of funds with every ICO,so it is not a big surprise.

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.

If your base price in dips price is right, you will have a profit from that. But if your predict is wrong, you need wait the price of Bitcoin recovery or take loss before the price of Bitcoin continue falls down, always have trap on market, so be careful!

Wait what? Bitcoin fell all the way from 5k to 4100 and it was more than a 20% dip, where were you at that time?
And when it recovered back till 4650 and then again 4190, you think it's getting more intense?
Governments, big? Which one, China? Neh, I don't believe any of them could harm Bitcoins because it has become the future of money as well as money of common people and when it's about people, governments can't do anything. They can't stop you breathing, right? It's your right to breathe, to say anything you feel, to use whatever you want. And Bitcoin is unstoppable as said by Bill Gates, so thinking too much over these dips could make us go insane.
They are just spreading rumors and shorting as well as making money over the hype, don't fall.

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.

China is the one country with the highest number of cyptocurrency investors.
Currently, China is trying to regulate cryptocurrency exchanges to avoid it people from getting scammed.
That is the reason why there are so many ups and downs in the market.
  

Bitcoin harms the self interests of China by allowing unregulated capital flight, I think that in the future some countries are going to ban bitcoin because they think it damages their economies, but unfortunately for them bitcoin is unstoppable and they are going to be unable to control the desire of people to get bitcoin.

as strong as any Chinese want to withstand bitcoin use, this will remain difficult, China being one of the countries with the largest bitcoin enthusiasts, with this ban there may be special access for bitcoin users. and this will be an advantage to the agency that can provide free access to the use of bitcoin that is now banned by China

Even without Chinese government coming into the space with some of their actions every one already knows that the volatility is bound to happen only what is needed is a reason to hold on and that's what the Chinese government have provided for bitcoin. So whether 10% or 20% we are sure to recover in due time and also a creation of opportunity to everyone to either make something good out of it or complain.

As long as the reasons to use a cryptocurrency exist then people are going to keep using crypto, it is not wonder why China has the most people interested in crypto because that is a country with heavier regulation than countries in the west and as such people want to be free from those constrains.