MASSIVE VOLATILITY and ROUGH SEAS ON BITCOIN CONTINUE!
Should you REALLY PANIC HERE!?
Bitcoin price has dropped after new ruling from Chinese regulators
Bitcoin's price fell after China announced a ban on initial coin offerings (ICOs) from $4,584 to around $4,350 per bitcoin.
This move could be shortlived, no one really knows. .
The move by China is not the first time the country's regulators have attempted to crack down on cryptocurrency.
The price of bitcoin fell sharply after Chinese regulators announced a ban on organizations from raising funds using initial coin offerings (ICOs).
ICOs allow start-ups to raise investment by selling new cryptocurrencies, which are similar to bitcoin, in return for cash. However, the People's Bank of China says this practice, which has become popular around the world as well as in China, constitutes illegal fundraising.
I feel most ICOs are a scam anyway, so what the Chinese have done are probably a good thing, in the end for all involved.
This type of news is 'universally' negative sentiment, within the crypto space, so I am not surprised to see a dip on all assets today. It could be another manipulated move down to help smart money take up more parcels in bitcoin itself for a cheaper price.
Its probably just an idea but this might not be a lasting issue. Buy larger dips in bitcoin for now.
Remember - A rising tide lifts all boats but the opposite is also true - with generally bad news reverberating across the ecosystem all cryptos have turned red together.
While bitcoin dropped sharply on the news, its price has been trending down since hitting the $5,000 milestone at the weekend. I would be thinking this recent climbdown is most likely just profit taking by investors.
Might be better to see if fresh capital continues to pour in? That would suggest this is not the start of a trend reversal.
What can you do about this drop?
You can see it for what its worth and realize the price has gone up too high shorter term.
A sell off was due anyway, you can see this as an opportunity to buy, if you wish. Especially if the price keeps falling dramatically.
You can buy on the way down, to give yourself a lower average cost entry price. A strategy used by professional traders / investors.
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