The greatest event in the cryptocurrency earth lately was the affirmation of the Chinese authorities to shut down the exchanges which cryptocurrencies are traded. As a result, BTCChina, one of the greatest bitcoin exchanges in China, claimed so it will be ceasing trading activities by the end of September. This media catalysed a sharp sell-off that left bitcoin (and different currencies such as for example Etherium) plummeting around 30% under the record peaks that have been reached early in the day that month.
So, the cryptocurrency whirlwind continues. With bitcoin having increases that exceed quadrupled values from December 2016 to September 2017, some analysts predict so it can cryptocurrencies can recover from the new falls. Josh Mahoney, a industry analyst at IG remarks that cryptocurrencies' "previous knowledge tells us that [they] will probably comb these latest issues aside" ;.
But, these comments don't come without opposition. Mr Dimon, CEO of JPMorgan Chase, said that bitcoin "isn't likely to work" and so it "is a fraud... worse than tulip bulbs (in mention of the Dutch 'tulip mania' of the 17th century, recognised as the world's first speculative bubble)... that may hit up" investing in defi;.He visits the extent of stating that he could fire workers who have been stupid enough to trade in bitcoin.
Speculation aside, what's really planning on? Because China's ICO ban, other world-leading economies are taking a new explore how the cryptocurrency world should/ could be regulated inside their regions. As opposed to banning ICOs, different countries however recognize the technical advantages of crypto-technology, and are considering preventing the marketplace without totally stifling the development of the currencies. The big problem for these economies would be to work out how to achieve this, as the alternative nature of the cryptocurrencies don't let them to be categorized under the procedures of old-fashioned expense assets.
