Big Governments Are Crushing Cryptocurrencies -- Bitcoin Down 10 Percent

[sanjeev.lamani@]

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

[HotCryptoNews]

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 !

[yishak]

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.

[SamboNZ]

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.

[Kyraishi]

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.

[timerland]

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

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.

[alyssa85]

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.

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.

[Denker]

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

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!

[HotCryptoNews]

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

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  its already recovering anyway

[sanjeevtalks]

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

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!

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

[timerland]

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

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.

[Seansky]

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

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.

[BTCLovingDude]

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.

[kwukduck]

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.

[cellard]

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.

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.

[HotCryptoNews]

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.

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

[carlisle1]

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.

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.

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,.

[Kemarit]

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.

[andrew24p]

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.

[alyssa85]

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

As digital tokens involved in ICOs are transacted or held on an anonymous basis, by their nature they pose inherent and significant money laundering and terrorist financing risks. The SFC reminded licensed corporations and associated entities in its 16 Jan 2014 circular7 to take all reasonable measures to ensure that proper safeguards exist to mitigate these risks. Investors should also be mindful of the potential risks involved in ICOs and investment arrangements involving digital tokens. As these arrangements and the parties involved operate online and may not be regulated, investors may be exposed to heightened risks of fraud.

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?