Community post
Huge crypto drop!!
You are probably aware there has been a huge cryptocurrency drop yesterday. Many people have lost virtually all their money because of this. But do not panic sell just now!! Instead buy as while it is low as it will rise soon!!
I will explain why this happened and the consequences thise huge drop had.
Why has this happened?
This all happened due to an ICO ban/regulation in China. Neo suffered hugely because of this losing more than half of its value as it is a chinese Cryptocurrency.People’s Bank of China, the central bank of the country, has officially declared initial coin offerings (ICOs) as an illegal method of raising money. In an official statement, the PBoC announced that organizations and individuals are no longer permitted to conduct ICO campaigns and token sales. But do not panic, this is not definive but only a measure to prevent people getting scammed during these ico sales.
I will later explain why this happened in more detail. this post is just to superficially explain why the drop happened and to tell you that you should not panic but remain calm and buy more while cryptos are low.
Soon I will post the reasons for china banning ico sales but for now this post is just the tip of the iceberg.
Please upvote, follow and feel free to resteem for more!!
Replies (3)
At first, I disagreed with the China ICO ban. Lord knows, my portfolio lost 10k overnight once the news hit. But, we've seen the market bounce back a little yesterday and today which is good news. After reading into it, I think China did the right thing and the crypto world will be better off for it.
Do you think the US and other markets should do the same?
I think so, the sooner the better, just to avoid another huge crash.
It's a fantasitic time to start getting in while the markets are down. Buy now, sell high.