Big Governments Are Crushing Cryptocurrencies -- Bitcoin Down 10 Percent

[cellard]

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?

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.

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[Cacingkemi]

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

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.

[BingoDog]

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.

[BitcoinsGreat]

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?

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.

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.

[slowlyslowly]

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?

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.

[sanjeevtalks]

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?

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.

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.

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

[NS-Soul]

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 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.

[DragonSlayer]

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 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.

[Yuuto]

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

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.

[iamTom123]

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

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.

[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?

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.

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.

[cellard]

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?

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.

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.

[sanjeev.lamani@]

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.

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.

[Sahyadri]

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.

[ankylotic]

Big governments are catching up with  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  losing close to 10 percent, Ethereum 21.74 percent, Litecoin 24.92 percent, and BitConnect 32.10 percent.

Coin/Investment Trust   Change 24H*
 (BTC)   -9.84%
Ethereum (ETH)   -21.74
Litecoin (LTC)   -24.92
BitConnect   -32.10

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

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.

[kehtolo]

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.

[JL421]

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

[South Park]

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

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.

[eaLiTy]

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

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.

[BUK2016]

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

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.