The cryptocurrency markets plummeted on Monday following a report that the Chinese central bank had issued a blanket ban on initial coin offerings (ICOs). The bitcoin price fell 5%, while the ethereum price took an 11% dive. The altcoin markets fared equally as bad, with 91 of the top 100 cryptocurrencies declining for the day.
This widespread investor panic caused the total value of all cryptocurrencies to plummet. Yesterday, the total crypto market cap was $164 billion–a $16 billion decline from the all-time high it set on September 2. But the news that the People’s Bank of China (PBoC) had decided to ban ICOs sent the crypto market cap careening below $150 billion.
Source Here. Well, it was indeed a massacre...a bloodbath not just for Bitcoin but also for so many other coins including Ethereum. Now, come to think of it...this just means that with all the boast that cryptocurrency is a way to be independent from the government still the reality is different. The government remains to be the one holding the key for the future of cryptocurrency and it could shut that door anytime it wants to.
Do you believe with my assessment or you think that the time is coming when we can get away from the power and influence of the government?
