I am making this blog to discuss about bitcoin cash.
About 2 months ago (19 august 2017) Bitcoin Cash reached 900$+ in its price (with a market cap of 15,084,795,126 usd) that was really amazing and it was expected to reach 1k but instead it dropped slowly and since then it didnt increase yet.
The ban, which was announced by the People’s Bank of China (PBoC) , bars Chinese citizens and residents from hosting or participating in ICOs. The ruling further ordered groups that have already completed ICOs to return the funds to investors. Panic ensued, and traders initiated a massive sell-off that extended far beyond the cryptocurrencies directly affected by the PBoC ruling, including bitcoin cash.
People’s Bank of China, the central bank of the country, has officially declared initial coin offerings (ICOs) as an illegal method of raising money. In an official statement, the PBoC announced that organizations and individuals are no longer permitted to conduct ICO campaigns and token sales.
Blockchain projects and startups that have recently completed their ICO campaigns were requested by PBoC to refund bitcoin and Ethereum raised during their ICOs to protect investors. CnLedger, a local bitcoin and cryptocurrency news source, wrote:
“PBoC bans ICOs. From now on, no organizations and persons in China are allowed to raise funds via ICOs. Fund-raising platforms are not allowed to provide trading and exchange services. Raised funds should be ‘cleared up’ and refunded to protect investors.”
This is the actual graph of 1 month of bitcoin cash price below:
Please share your opinions with me.
What do you think is going to happen in the next few weeks, months ?
Is Bitcoin Cash ever gonna rise and return to its previous high price ?
Some miners are leaving BCH, others hold with a hope that it will increase back to its previous high price.
It is dropping because the time blocks are mined are dependent on how the difficulty on bitcoin cash to mine. When it is easy and profitable to mine bitcoin cash, miners jump on and mine then when the difficulty is adjusted then they stop so one block might take one hr. This is never good and i wouldnt be surprised if bitcoin cash dies off in a few months or years.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Ye indeed , i totally agree with your opinion @fooge
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://blockchainreporter.wordpress.com/2017/09/04/china-ico-ban-impact-on-the-global-ico-market-cryptocoins-news/
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit