If you're a crypto enthusiast, then you must have known about the growing popularity of Bitcoin or cryptocurrency in general. The popularity of Bitcoin has outrun the popularity of other financial instruments like stocks, forex, commodities, derivatives and mutual funds. Nowadays everyone wants to get their hands on Cryptocurrencies and gets out of the vicious 9-5 rat race.
Cryptocurrency as we all know, holds a great potential in future and some of the cryptocurrencies projects have come into reality and benefiting the general public as we speak. Projects like TenX, Ethereum, Ripple, Civic are working greatly and growing with high efficiency and effectiveness.
But for a few days, China is trying to ban all the domestic cryptocurrency exchanges. China also announced that it is banning the ICO's crowd funding's method to raise funds for potential cryptocurrency projects calling it illegal. And as we already know how a negative news affects the cryptocurrency market, this news also did the same.
Bitcoin which was stable at $4600-$4700 now fell to $3950 and still struggling to go upward. After that ICO banning announcement, Bitcoin get stablized a little at $4400 but the recent announcement of China's banning domestic cryptocurrency exchanges, again affected it crucially.
Although, there are no official announcement from Chinese officials yet considering the cryptocurrency exchange banning but there are flying rumors that Yobit, a Chinese crypto exchange will be shut down within 3 months.
Over the above, last night Mr. Charlie Lee, the founder of Litecoin (LTC) had tweeted that China may ban domestic cryptocurrency exchanges and all the investors should 'HODL' their holdings.
After his tweet, Market suffered further and there's blood bath on the cryptocurrency market streets since that moment. In fact, he took this tweet out after few hours looking at the reaction of his followers.
Some people believes that there's nothing 'Permanent' in case of China's decision. They can change their decisions as per the circumstances and situation stands. Although, there are no official announcements from China, So people are hoping the Bitoin price will recover soon enough.
Let's have a look at Bitcoin Valuation, Statistics & Charts
Current Total Market Capitlisation stands at $137.8 Billion which was $153.5 Billion 24 hours back. It means because of China's announcement as well as Charlie Lee's tweet, Crypto market capital reduced by approximately $16 Billion, which gain is a whooping amount.
If we talk about Bitcoin, On 8th September 2017, it was $4623 and after the whole announcement and tweet thing, it is trading at $3969 at the time of writing this article. Approximately Bitcoin fell by $560 within 5 days.
Bitcoin Stats
Total Market Capitalisation: $65.75 Billion
24hr Volume: $ 1.99 Billion
Total Supply: 21 Million
Current Price: $ 3969
Charts
Conclusion: Well, there are no fixed solution of the current situation. As well know very well how news and announcements affects the whole crypto market, so I would advise you all to do proper research and analysis while taking any investment decision in cryptocurrency market.
Thanks for reading ...!!
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