Recently Bitcoin price crackdown by about 20% after China's ICO ( Initial Coin offerings )crackdown . " The price actionhas certainly been led by this Chinese salvo - but healthy profits and moving traders to take gains off the table too until the panic calms", Charles Hayter , Founder and CEO CryptoCompare , told CNBC via email.
Crack down was also expected due to "irrational excesses" in the chinese market.
SOURCE : COINTELEGRAPH
At the mean while the 2nd largest crypto also faced a fall value by 15 % on Monday.
This was part of China and South Korea's ICO campaign where Chinese Government had declared ICO's as illegal and Imposed ban on ICO activities. People's Bank of China has issues a joint statement with other financial institutions of China advising individuals and organization to make arrangements to return funds to the investors.
At the same time South Korea also has announced to increase penalties or punishment for raising money through ICO's. They are planning to tighten the regulation and monitoring the virtual currencies.
SOURCE : CRYPTO COMPARE
Next giant for crypto market i.e Russia also have issued a new statement notice alerting individual and organization on " HIGH RISK " of exchanging cryptocurrencies and participating on ICO. Russia too consider it premature to permit Digital currencies as few days ago it was seen that Russian government was planning to put BAN on crypto and it's use to general public.
Though the panic of price down is recovering for Bitcoin , Altcoins .This changing scenario on crypto-currencies shows that there may be fluctuations in price but for some period of time . Changing regulation will bring new phase of stability in the filed of Decentralized currencies bringing down its demerits and maintaining the balance ecosystem.
