Effect on Cryptocurrency after China banned ICOs.
Bitcoin price drops $200
Bitcoin's price fell after China announced a ban on initial coin offerings (ICOs) from $4,584 to around $4,350 per bitcoin.
1.ICOs are out of control
2.Many ICOs are scams
3.The mania poses a danger to retail investors.
4.China is a hotbed for the action (scams and all)
5.China wants its own coin
6.ICOs threaten incumbents
7.China wants a cool-off period
EFFECTS ON Cryptocurrency
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Very nice summary. I hope newbies know the price drop means Buy. Cryptocurrency is here to change the way financial transactions are done and we haven't seen the best yet.