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Author Topic: [2017-09-04] $20 billion cryptocurrency price correction over the weekend  (Read 2603 times)
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September 04, 2017, 12:12:35 PM
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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.

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There was a $20 billion cryptocurrency price correction over the weekend

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September 04, 2017, 01:05:29 PM
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I am actually glad that China is cleaning their crypto roads properly as the ICO market has evolved into a mega scam fest. It's just China that is doing this, but if we look a bit further, then I can definitely see more countries follow these actions. It will definitely cause the market to shake up a bit, but there is no need to exaggerate the situation. If we look at how the general crypto market has been breaking through record highs, it was just a matter of time before we would start to experience a decent correction. Bitcoin experienced a growth of 400% in a matter of 9 months! It's a great thing for everyone holding Bitcoin of course, but this isn't a healthy nor sustainable form of growth. I am pretty sure that if we would be breaking through the $3000 level for the first ever time today, we would be equally as happy. The difference however is that $3000 is a fair price, and current levels not that much - we'll soon find out if the market thinks the same about it or not.

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September 04, 2017, 03:03:07 PM
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I am actually glad that China is cleaning their crypto roads properly as the ICO market has evolved into a mega scam fest. It's just China that is doing this, but if we look a bit further, then I can definitely see more countries follow these actions.

Seems like South Korea are already heading in that direction.  It will probably snowball as more countries get on board.  Although I suspect enforcement will be about as problematic as it is in every other aspect of crypto.  They might catch a few of the bigger scams and make an example of them as a deterrent, but the smaller ones will be much more difficult to track down and convict.

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