September 15th, 2017
The last couple of weeks have seen a virtual bloodbath in crypto currency trading with the majority of all publicly traded digital coins and tokens experiencing losses ranging from 20% to 98%. The carnage began when rumors swirled that China would limit ICO (Initial Coin Offerings) due to rampant fraud and uncertainty. The rumors quickly turned to reality, when earlier this week one of China’s largest centralized crypto exchanges announced that they would be closing their doors to domestic currency trading, meaning that the tens of thousands of Chinese who had been helping to drive Bitcoin gains of over 500% over the last year would soon be removed from the market. This led to an immediate and violent decline, with prices of Bitcoin going from a September 2nd all-time high of $4900 down to a brutal $3200 by Thursday morning.
And while prices appear to be recovering this morning (trading at $3695 at the time of writing) , we have to wonder if the words of Admiral Ackbar are applicable to today’s significant upswing: