Is China Killing Crypto? No. This Is What Is Happening

The world of cryptocurrencies is in the midst of a tornado just now. Since the beginning of September, total cryptocurrency market capitalization is down by US$60 billion to around US$109 billion. That’s a fall of 40 percent.
I spoke to a colleague this morning based in the US and he was in a total panic about ‘what’s happening in China’.
First of all, let me give a quick overview of what’s been happening over the past few weeks with regard to cryptocurrencies in China, what’s happening right now, and more importantly, what I think will play out over the next couple of months.
ICOs Go First…
At the end of August and early September, we saw the first signs of imminent changes in China’s attitude towards cryptocurrencies with the larger ICO (initial coin offerings) broker platforms ICOINFO and ICOAGE suspending their ICO services.
ICO platforms in China aggregate global initial coin offerings into a single access point for Chinese investors. So instead of investors having to open lots of different cryptocurrency wallets and familiarise themselves with lots of different ICOs, they can simply allocate whatever money they want to put to a range of ICOs through a single platform).

This post was published at FinancialSense on 09/15/2017.