The Chinese government announced this morning that they are banning Initial Coin Offerings (ICOs) because they don’t believe in the legality or legitimacy of how the system works for funding new business startups.
As you can see in the image below, just about every cryptocurrency on the market crashed this morning because of this major decision by the Chinese government.
But what does that really mean?
As of the time of this article, Bitcoin reached a low of $4000 USD today which is approximately a 19% drop since it’s all-time high just a few days ago ($4952 USD).
One thing to note is that this has happened in the past during August 2017 and both times, the ‘crash’ led to massive gains in the entire market, especially Bitcoin as they led to new highs leading to the end of the month.
During a time like this, you will want to know that a lot of money can be made in volatile times, just as billionaire Richard Branson had quoted in the past year.
If you’ve got money tied up in Bitcoin and you’re panicking, you can choose to sell off your coins for whatever value they are sitting at right now, however, we here at Crypto$umer strongly believe that the market will improve again as many are predicting.
Note: We are not advising you on what you should do with your money. We are simply providing you with our opinion and what we are choosing to do with our money.