Bitcoin goes down after China bans ICOs

Bitcoin goes down after China bans ICOs

On Monday, Chinese regulators labeled initial coin offerings as illegal, thus sending a powerful blow to the latest financial-markets mania and suppressing the prices of the two major cryptocurrencies, bitcoin and ether.

China’s shocking move that included a call for fundraising activities through the digital tokens to stop right now, came after a fresh warning by the US Securities and Exchange Commission that it might consider the coins to be securities.

The regulatory maneuvering takes place because fears have surged as for initial coin offerings that have captured traders’ imagination.

China’s role in cryptocurrencies  happens to be considerable, but it’s shifting. Last year, Chinese exchanges boasted more than 90% of the entire digital-currency trading. A bit earlier in 2017, China’s major financial institution got down to imposing regulations on the exchanges. As a result much of the volume shifted to South Korea and Japan.

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