China has taken the decision to ban the ” ICO ” (the raising of funds in crypto-currencies), which has obviously had a considerable impact in the world of virtual currency. The bitcoin, as the number 1 e-currency was the first to suffer. In fact, its price dropped 14 % between Saturday and Tuesday last.
A cold shower on the market of crypto-currencies
On Monday 04 September 2017, the central bank of China (PBOC) has urged the chinese companies to do more to achieve ” initial corner offerings, operations flourished with the rise of bitcoin, ether, and their other counterparts. Because of this, those who have acted beyond the directive will be severely sanctioned.
For Beijing, this boycott is a way to curb the flight of capital out of the country, to cleaning up its financial system. However, the main purpose of this injunction was, especially, to resume the hand on the virtual currencies that could not be under the yoke of the authorities to the fact that they can sell it and buy online without their permissions. It is also the principle even of the crypto-currency, a currency that is created through the technology blockchain.
The markets virtual currencies have taken a real blow. And for proof, the value of the bitcoin has stumbled by more than 10 %. Nevertheless, he was able to go up the slope and view 4.280 $ to 11: 00 GMT the following day. In beijing, the situation is even more catastrophic. The bitcoin has fallen by 20% and announced a value of only 26.400 yuan of 32,500 yuan the week before.
And then the agony of Bitcoin ?
The answer to this question is obviously “no”. Bitcoin has managed to climb back up the slope and was posted yesterday 4698 dollars. The ether, as to him is treated today today to 341 dollars. The technology of blockchain and crypto-currencies are beautiful and well on their way to last even if they are the worst nightmare of the government and authorities.