China Ban? Nahhh, Cryptocurrency Market Cap is coming back!
It looks like the Chinese have found a new way to get back into the game. China banned initial coin offerings and bitcoin exchanges in the first week of September. The ban caused a drop in cryptocurrency flows worldwide. The market is making a comeback however.
Nearly a billion dollars have reportedly returned to Chinese investors that put money to work in some 40-plus ICOs. An ICO is a crypto-currency funding mechanism for start-ups. Some say that the money was not really returned, but was redirected where stronger investor protections exist.
China's ban is likely temporary. The U.S. and Japan are quickly moving to create rules that will help legitimize cryptocurrencies by giving investors protections under existing securities laws. That will help companies raise capital through alternative methods, rather than via venture capital and the equity markets, potentially opening up a whole new financial market. Time will tell...
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STOPOne country out and two fill in its place. Amazing how crypto can be a global phenomenon.