These are the causes of the continued decline of bitcoin.
the China central bank's media financial times reported that virtual currency trading and ICO behavior were on the rise, taking into account overseas transactions and evasion of regulation. Because of this, considering the domestic investors into platform to participate in the trading overseas face various risks, to implement the spirit of "notice", prevent defuse financial risks, will adopt a series of regulatory measures, including banning related commercial presence, outlaw, disposal and virtual currency trading platform, website, etc
Both TRON and QTUM issued a statement after the news, which will prohibit Chinese IP users from accessing it.
A hearing on virtual currencies will be held by the senate banking, housing and urban commission. American media thinks, this is called "virtual currency: the securities and exchange commission (SEC) and commodity futures trading commission (CFTC) watchdog role" hearing, will be facing a critical moment of virtual currency. At the hearing, the chairman of the securities and exchange commission, jay Clayton, and Christopher giancarlo, chairman of the commodity futures trading commission, are expected to attend. CNBC believes the meeting will provide a clearer regulatory roadmap for U.S. institutional investors.
The Texas state securities commission (TSSB) has issued another emergency stop, centred on a cryptocurrency, this time on a loan scheme called DavorCoin. In its latest filing on February 2nd, the state securities commission said DavorCoin had been issuing unregistered securities to attract potential investors with fraud and misleading information. According to TSSB, DavorCoin operates in a BitConnect manner, launching a loan program and promising investors a significant return on investment, in line with the agency's definition of unregistered securities. According to the document, potential investors will need to buy project tokens known as DavorCoin and use other cryptocurrencies to participate in the lending program.
And bank of America prohibits using credit CARDS to buy bitcoins.
The news seems too bad.
What should we do now?
Man! This was not what I expected for the market. I think these sanctions and regulation will have a major effect on crypto right now but once this is done, we can see major gains. What do you think? I say buy low... Wait for winter is coming.. lol Follow me broski and upvote... Peace
My first experience with Bitcoin was when my computer was infected with Ransomware and the hackers wanted the ransom to be paid in Bitcoin so it could not be traced. I realized at that time, if it were not for Bitcoin, Ransomware could not exist. So I was not a fan right off the bat.
Then when I started looking into it. I realized it was just a big Ponzi Scheme that only has value as long as new investors(marks) keep putting in new money. Once the market reaches saturation and there is no more new money coming in. The whole thing collapses.
oh ~ this is really unfortunate