Why Coin Price lost value during this weekend - a $20 billion price correction

[xxcsu]

The total value of the 866 digital currencies tracked by CoinMarketCap.com declined from close to $180 billion on Saturday to $160 billion on Monday morning

Things could get worse, with China on Monday announcing a ban "initial coin offerings", the digital coin issuing craze that has helped fuel the market's rapid rise in 2017.

Original article here:
There was a $20 billion cryptocurrency price correction over the weekend

[Vann]

They went up to a combined record high, then went back down. Sounds familiar.

[d57heinz]

The total value of the 866 digital currencies tracked by CoinMarketCap.com declined from close to $180 billion on Saturday to $160 billion on Monday morning

Things could get worse, with China on Monday announcing a ban "initial coin offerings", the digital coin issuing craze that has helped fuel the market's rapid rise in 2017.

Original article here:
There was a $20 billion cryptocurrency price correction over the weekend

When crypto becomes tbtf watch out!!  Read an article the other day. Tech companies starting crypto Coins to fuel stock prices.  I mean what could possibly go wrong there!

Remember never invest more than you can afford to lose. I'm seeing too many red flags as of late. Best of luck to all in this realm.

[antantti]

https://www.bloomberg.com/news/articles/2017-09-04/china-central-bank-says-initial-coin-offerings-are-illegal

[xXLimbXx]

Yeah looks like its because of the "China ban". However price started to drop even before this info was made public. Insider info imho.

[rdluffy]

Man, it's normal
People are taking profits, the coins are red, after that, same people will buy again at low prices, and again, again and again

[xxcsu]

That's not normal when China's central bank, the People's Bank of China, announced an extension of its crackdown on ICOs — initial coin offerings — on Monday morning  

China on Monday banned individuals and organizations from raising funds through initial coin offerings (ICO), or launches of digital currencies, saying the practice constituted illegal fundraising.

[Vann]

That's not normal when China's central bank, the People's Bank of China, announced an extension of its crackdown on ICOs — initial coin offerings — on Monday morning  

China on Monday banned individuals and organizations from raising funds through initial coin offerings (ICO), or launches of digital currencies, saying the practice constituted illegal fundraising.

Good for them. The less people that get scammed with ICO's, the better off Crypto will be. When anyone that produces nothing more than a whitepaper with a dream and a wallet can get 100M, it's not going to end well for those investing.

[puwaha]

Who cares about ICOs?

[universalresonance]

If I'm to understand it correctly- is the bright side of this -that -weak hands will be wiped away from mining and that in turn could bring difficulty down? then perhaps new ones come in and then prices go to the mean?

[QuintLeo]

That's not normal when China's central bank, the People's Bank of China, announced an extension of its crackdown on ICOs — initial coin offerings — on Monday morning  

China on Monday banned individuals and organizations from raising funds through initial coin offerings (ICO), or launches of digital currencies, saying the practice constituted illegal fundraising.

 And they're also insisting on folks that did so prior to that ruling return the funds they raised - guess China doesn't believe that Ex Post Facto laws are a bad thing.