Crypto Currency crash caused by China.

Thread: Crypto Currency crash caused by China.

  1. piggzy's Avatar

    piggzy said:

    Default Crypto Currency crash caused by China.

    China has banned ICO's "Initial Coin Offering" the way used by crypto's to get revenue like Crowd Funding sort of.

    Also they have announced to close major Coin Exchanges by Sept 30th. The haven't actually made it illegal, so waiting to see a clarification on this.

    As a result coins, including Bitcoin have dropped massively. Since rumours started circulatin bitcoin has dropped $1000.

    Time to buy guys as everything will recover at some point. Maybe not as high...

    :-)
     
  2. hoponbaby's Avatar

    hoponbaby said:

    Default Re: Crypto Currency crash caused by China.

    Depends how far they fall though, where will the bottom be as most are taking a bit of a pounding over the last few days. Typically I bought £500 of Ripple on Monday
     
  3. piggzy's Avatar

    piggzy said:

    Default Re: Crypto Currency crash caused by China.

    Quote Originally Posted by hoponbaby View Post
    Depends how far they fall though, where will the bottom be as most are taking a bit of a pounding over the last few days. Typically I bought £500 of Ripple on Monday
    Ouch!!

    I have seen talk of a 25% drop. They think it will hit altcoins less. (Who are 'they').
    BCC is expected to be hit hard as it was big in china and gets shut down on the 30th.

    Ripple is a long term player imho so I would hold. You don't make a loss till you sell :-).

    I made about a 25% loss already and its still dropping, this is across a number of currencies but these were long term punts so I am holding on to them.
     
  4. theodotcom's Avatar

    theodotcom said:

    Default Re: Crypto Currency crash caused by China.

    It looks like it's going to keep dropping, on the 6th September I used £610 of bitcoin to purchase 2 monitors from Scan, (they accept bitcoin). Had a computer issue and ended up buying a high end pc so thought I may as well get 2 monitors to go with it and used some bitcoin for the monitors. That value of bitcoin I spent is now worth £391. That's a huge drop. Haven't seen it drop that much for a long time. My first purchase of bitcoin was in October 2014, I purchased £80, that original purchase went up to about £1800, on the flipside now that purchase is still at a value of £1100.
     
  5. piggzy's Avatar

    piggzy said:

    Default Re: Crypto Currency crash caused by China.

    Bitcoin has so far dropped about $1300 this month alone.

    I reckon a month of uncertainty before things stabilize.