1. China bans ICOs and introduces licenses
China bans ICOs, but only temporarily. People are afraid of banning cryptocurrencies in China in general. I tell you - China will not ban cryptocurrencies because they will make licenses for ICOs. It requires special department and employment of specialists. China wouldn't pay money for that if they were willing to ban cryptos afterwards, it would be a total waste of money. So don't be afraid. :)
2. BTCC exchange will stop on 30th September
BTCC logo
One of three major China exchanges - BTCC announced that it will pause their services at 30th September. It is probably linked with conflicts with China government.
3. Jamie Dimon - JP Morgan boss says "Bitcoin is a fraud"
Boss of the biggest american bank - Jamie Dimon said that he would fire everyone who bought Bicoin for their stupidity. He says that blockchain technology is good, but not Bitcoin. He mentions some government supervision stuff. Well, It's just some "important" person babbling, so the price had to go down at least little bit. In my opinion, his words will be forgotten quickly.
4. Litecoin creator - Charlie Lee mentions that OKCoin and Huobi can stop as well
Charlie Lee says that two big China exchanges - OKCoin and Huobi can join BTCC soon. It would lower the market cap and drive a bad mood on cryptomarket. This is the thing we should be afraid of the most because closing every exchange in China would bring fear for investors.
5. Market cap goes down
This is an indirect reason. That's why I put it at the end of article. Every reason from above results not only in lower price of Bitcoin and other cryptocurrencies, but also lower the market cap. It fell down from 180 trillions (2nd September) to 103 trillions (right now). That's ~42% decrease. Investors are taking money and profits out of crypto-market.
Summary and my opinion
Accumulation of bad news result in huge decrease in price of cryptocurrencies. I think some "clever" people want to make everyone panic, so they can buy cryptocurrencies at lower price. Of course I think it should stabilize and then be back to bullish market after some time. :)
Thank you for reading! Leave an upvote and comment if you like. You can follow me to be in touch with my new posts. :) Cheers!
good information about crypto
Thank you for your comment and upvote. :)
welcom and you can follow me
Funny how news is affecting the markets so harsh. It is very volatile and that's why I believe there will be rewards in the future
That's right. The market is a game of human feelings. Some news drop and most investors loses their minds. ;D They want to secure profits they achieved. Thank you for comment and upvote. :)
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