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Crypto News: What China Ban? Cryptocurrency Market Cap Rebounding

They're ba-aa-ack. Whether it's the Chinese, or the Koreans, or the Russians or us Americans is anybody's guess at this moment, but what it looks like for a few cryptocurrency players out there is that 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 precipitous drop in cryptocurrency flows worldwide. As of Sept. 24 at least, the market is making a comeback.

"We could say that it looks like the 'Chinese effect' that provided downward pressure in the cryptocurrency market is over, but we cannot prove it quite yet," says Dima Zaitsev, business analytics chief for ICOBox in Milan. Zaitsev and Dmitri Kornilov, director of economics at the Russian Academy of Natural Sciences, devised the chart for ICOBox, a cryptocurrency fund raising platform and service provider. "If this continues, then I would say with almost certainty that the downward pressure is over."

Nearly a billion dollars have reportedly returned to Chinese investors that put money to work in some 40-plus ICOs that took place on the mainland this year. An ICO is a crypto-currency funding mechanism for start-ups. Some say that the money was not really returned, but was redirected to Hong Kong and Singapore, where stronger investor protections exist.

China's central bank banned ICOs on Sept. 4 and later banned all bitcoin exchanges from operating in the country.

Full story at http://bit.ly/2wpYkoB

Source: Forbes

 

 

 

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