Bitcoin the master cryptocurrency is not affected by these regulations that’s right even it goes down 8% but obviously these regulations they are putting basically a number of actions in place and it sent the market into a really big down time right now .
If we look bitcoin is holding strong to only down by 8% but I think it will go down more affected by the whole market that by it’s role going down in response to china’s ICOs ban it’s only a matter of time as you look at ethereum that is getting crushed by 16 %, ripple is getting down by 11%, monero is hit also by down 16%, and you know most of what you would expect NEO and QTUM both of which were platforms for strong ICOs type activites, NEO is getting down by 28% and QTUM down by 30%
So when we look at some informations coming out regard to this regulations what you can see here that is official now.
https://www.coindesk.com/reports-chinas-regulators-consider-suspending-icos/
Unfortounatly there were rumors that china have some kind of regulations for ICOs of their own but it appears it’s just rumores and a lot of people followed and as you can see how much these rumors affects the market now there are a lot of information about china ban that I think it still need to be digested for market use but basically within china it’s now illegal to sell, distribute those tokens, on the other hand that type of fundraising is not illegal and this is important as it can forms a way out of this disaster in regard for NEO and QTUM can they use the legality of fundraising to get out of this mess?, that’s question we have to wait for its answer, overall you can see that at this point that is not helping the market as if you look over all the crypto currencies they are all crushed even bitcoin by 8%.
So I am asking myself what is the way out of this mess?
Right now the markets taking a massive drop so what does that mean for something like ethereum that is getting down by 16% reaches 291$ should it be down because of ICOs while it was near 400$ two or three days ago, even if you are looking at something like lite coin, why it’s getting down by 17% while it reaches 80$ days ago, I can see that some cryptocurrencies like NEO and QTUM is more justifiable to be affected by china’s ICOs ban, but that is the case right now it’s a fact that the whole market affected by the ban I think this might be a scenario where news are bad, like don’t get me wrong this isn’t great news by any friggin stretch the matter is regulations over regulations, susbending, banning, that type of news is not good in the crypto space but at the same time it only affects a certain subset of the market place so if there is an area you and I can deploy capital right now and pick up on something like ethereum that might be a nice buying keep in mind the net ethereum fork the price actions will follow the fork as it is a very important fork that will add a whole bunch of features to ethereum platform, even bitcoin that’s is now unjustifiably down by 8% and beside both currencies you can think of monero , litecoin, as you see there is a great opportunities in crypto market even if it is a red day.