Due to the recent decision of China's government to ban ICOs, several start-up companies are now struggling to raise funds for their operations. In the past few months and years, fund raising through token sales have greatly escalated and ballooned in China, however, the government is trying to stop these transactions since they believe that these ICOs are illegal and disruptive to the economy.
As a result, various cryptocurrency market prices stumbled down and shown double digit decreases in just a few days of trading. In the past few months, cryptocurrency market has been steadily booming and showing great signs of increases, however, recent market data now shows continuing decreases and may result to a possible bubble burst.
For Bitcoin, a whooping 23% decrease was noted as compared to its previous all-time high price of $5,005. Various analysts somehow relate the continuing decreases in market prices to China's ongoing battle to ban ICOs and cryptocurrencies.
Regulators also believe that China's decision to ban ICOs was reasonable and may only be temporary in order to sustain the economy's stability. Let's just tune-in in the coming months and years if China will continue its fight against digital currency or may somehow change its mind about its benefits.
Another case for FUD was the CEO ( correct me if I'm wrong ) of JPMorgan making a harsh statement about bitcoin. Included in that statement was something along the lines of "someone will get killed".
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I've heard that too @brokecollegegrad. Let's just hope the Bitcoin will recover soon enough!
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Historically speaking, it should recover. We've gone through harder times than this. My guess is that there are many people who are not educated enough on cryptocurrencies to make the right decisions when it comes to news. So they buy into FUD and drive the prices down.
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