Overnight over 20 billion crypto market cap was removed which all came down to Chinas ruling today on ICOs. Bitcoin now sits at about $4,300 as a massive sell off takes place after a ruling from China that investing in ICOs is banned. This ruling has been going on for a long time here in the states and now with China behind it new ICOs are going to find it very hard to launch.
To me this is actually a positive thing and not a negative one. It removes the shady ICO pump and dumps that have been happening and the countless ICOs that have been launching that removed market caps from other very worthy coins such as BTC, ETH and Dashcoin.
This like many things hurts bitcoin in the short run as people believe the end of cryptos are here. However for people such as myself we see the long term investment and see this as yet another possible options to claim up some massive discounts!
I mean lets not forget that bitcoin is accepted just about everywhere now. It still has massive room for growth and is starting to be accepted by governments in terms of approving ETFs etc.
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by Valor2S from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews/crimsonclad, and netuoso. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Exactly. Good time to get a discount. Also goes to show how involved the Chinese are in crypto. I have to agree that it will be a good way to get rid of a lot of pump and dumps and see a little shifting in the markets.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit