The past days has come with several announcements from China announcing a crackdown and making all cryptocurrency trading some sort of illegal. Monday came in with the announcement that, The People's Bank of China (PBoC) has outlawed ICOs, a method of raising money by issuing new digital currencies. While a major hit hasn’t been noticed on the market share of some major crypto currencies, this might eventually not end this way.
We must remember some of the largest miners and trading’s of crypto currencies are purportedly from Asia. While these are all speculative markets, there is reason to believe in STEEMIT as this is more of a social media platform with real traffic and presence, unlike other Cryptocurrencies that are more of speculative and very volatile.
I would advise all those investing in Crypto Currencies to rather focus on the less very volatile and speculative crypto currencies like STEEMIT, as stock markets are very sensitive to information. Ask yourself one question, why is the owner of the largest social media platform one of the richest in the world today!! You are in the right place here.
Meanwhile, I promise to provide a brief on how the markets would behave in consequential to China’s crack down on my next post, which should come in tomorrow or day after.
Remain Blessed. Arnold.
I think too many of these ico's are "I m going to build a rocket fly to mars and mine for gold" type propositions; there doomed to fail.
I think the days ahead shall report a falling market trend.