Time to buy Bitcoin now? or will it drop to the daily Fib and Support?
Earlier today, The People’s Bank of China issued a statement that all new tokens or coins that are beginning their fund-raising activities (Initial Coin Offerings, or ICO’s) are to halt.
So what happened?
In short, some ICO’s generate capital by receiving Bitcoin from investors in exchange for the new coin on offer. At the moment, most companies that were fundraising in China are unable to continue issuing coins – so they have begun to sell the Bitcoins given by clients, flooding the market and driving the sharp decline in Bitcoin value. BitcoinH4