Bittrex all in Red - Thank You China

in cryptocurrency •  7 years ago  (edited)

Chinese government in a press release banned ICOs in China which caused a lot of panic today. The ban also striked the exchanges and Bittrex is currently facing a bloodbath. Have a look at the screenshot below:

Screenshot_1.jpg

Almost all the coins are deep in red. Bitcoin also fell more than 5% after the news!

Many traders started selling their coins to avoid further losses which caused more trouble for the market. The coins will face more loss when traders from different countries such as US will start selling their coins.

The NEOCoin owners will face more losses since NEOCoin has already stated that they will comply with Chinese government - maybe this is the end of NEO.

What to do now?

Do the following things:

    Hold the coins
    Sell coins(if you have any) and buy at cheapest price possible

The coins will start recovering as soon as the dust settles. On a positive side, more chinese traders will loop up to exchanges like Bittrex and Poloniex. These exchanges can expect a new flow of traders from China region.

cryptocurrency
7 years ago by

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      ·  7 years ago 

    good post usama

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      [-]
        ·  7 years ago 

      Thank you.

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        [-]
          ·  7 years ago 

        NEO is not an ICO it will not change anything for NEO.

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          [-]
            ·  7 years ago 

          I was talking about the ICOs based on NEOCoin. NEOCoin will have the worst impact in my opinion. Since they will follow what the Chinese government says. Anyway, let's hope people will recover their losses.

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            [-]
              ·  7 years ago 

            I watched NEO hit a drop to just over $17 before, OmiseGo also dropped to just over $7. Hoping they go back down tomorrow and I can buy some NEO.

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              [-]
                ·  7 years ago 

              Yeah let's hope everyone recover their losses.

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