Bitcoin's Price Is Now Down 20% from Its $5,000 High
Bitcoin appears to be moving into a new period of price discovery.
Following a new ruling that finds China's regulators moving to outlaw initial coin offerings (sales of new cryptographic tokens often exchanged for bitcoin), the bitcoin price fell to its lowest total since August 22 today.
At press time, bitcoin had declined to just above $4,000 – halting at $4,037.50 across global exchanges – a 20% decline from its all-time high of $5,013 observed on September 1.
Of the exchanges tracked in the BPI, just one was trading below $4,000 at the time of the report, with China-based OKCoin displaying a $3,969 price. (Paxos's itBit exchange, Coinbase's GDAX exchange and Bitstamp were all trading above $4,000).
Full story at http://bit.ly/2gISBal
Source: CoinDesk
China ICO Ban: Impact on the Global ICO Market
People’s Bank of China, the central bank of the country, has officially declared initial coin offerings (ICOs) as an illegal method of raising money. In an official statement, the PBoC announced that organizations and individuals are no longer permitted to conduct ICO campaigns and token sales.
Blockchain projects and startups that have recently completed their ICO campaigns were requested by PBoC to refund bitcoin and Ethereum raised during their ICOs to protect investors. CnLedger, a local bitcoin and cryptocurrency news source, wrote:
“PBoC bans ICOs. From now on, no organizations and persons in China are allowed to raise funds via ICOs. Fund-raising platforms are not allowed to provide trading and exchange services. Raised funds should be ‘cleared up’ and refunded to protect investors.”
Full story at http://bit.ly/2gIhjHY
Source: CryptoCoinsNews
Bitcoin price drops $200 after new ruling from Chinese regulators
The price of bitcoin fell sharply after Chinese regulators announced a ban on organizations from raising funds using initial coin offerings (ICOs).
ICOs allow start-ups to raise investment by selling new cryptocurrencies, which are similar to bitcoin, in return for cash. However, the People's Bank of China says this practice, which has become popular around the world as well as in China, constitutes illegal fundraising.
Despite bitcoin's price falling, some expect this move to be shortlived.
"This type of news is 'universally' negative sentiment, within the crypto space, so we are not surprised to see a dip on all assets today," Fran Strajnar, co-founder and CEO of data and research company Brave New Coin, told CNBC via email.
"We do not see this to be a lasting issue."
Full story at http://cnb.cx/2gHK1J2
Source: CNBC
Looking at Legal Issues of ICO Terms and Conditions: Do’s and Don’ts
There are mixed views on if a company rolling out their offering should generate their own terms for the Initial Coin Offering phase alone.
To answer this question, one must keep in mind that an ICO phase is not only the most potentially lucrative, it is also the most dangerous. We have seen a couple of examples where ICO's have not been structured properly and the responsible party has received more than one Subpoena (or summons - depending on where you are from) from multiple jurisdictions.
The ICO is a totally separate phase of Coin life cycle and you should treat it like that from every aspect including marketing, compliance, budget and strategy. This article aims to provide useful tips that might help develop ICO terms and conditions.
Full story at http://bit.ly/2gIhraq
Source: CoinTelegraph
China Outlaws ICOs: Financial Regulators Order Halt on Token Trading
China has officially outlawed ICOs.
In a joint statement issued by seven financial regulators today, the world's most populous nation outlined why it believes that nascent fundraising mechanism is illegal under domestic law. Authorities backing the statement include the People's Bank of China, the Central Network Office, the Ministry of Industry and Information Technology, the State Administration for Industry and Commerce, the China Banking Regulatory Commission.
A translation of the statement reads:
"ICO financing refers to the activity of an entity raising virtual currencies, such as bitcoin or ethereum, through illegally selling and distributing tokens. In essence, it is a kind of non-approved illegal open fund raising behavior, suspected of illegal sale tokens, illegal securities issuance and illegal fund-raising, financial fraud, pyramid schemes and other criminal activities."
Full story at http://bit.ly/2gIhfIe
Source: CoinDesk
Massacre Monday: Ethereum, Bitcoin Prices Lead Market Retreat after China Bans ICOs
The cryptocurrency markets plummeted on Monday following a report that the Chinese central bank had issued a blanket ban on initial coin offerings (ICOs). The bitcoin price fell 5%, while the ethereum price took an 11% dive. The altcoin markets fared equally as bad, with 91 of the top 100 cryptocurrencies declining for the day.
This widespread investor panic caused the total value of all cryptocurrencies to plummet. Yesterday, the total crypto market cap was $164 billion–a $16 billion decline from the all-time high it set on September 2. But the news that the People’s Bank of China (PBoC) had decided to ban ICOs sent the crypto market cap careening below $150 billion.
According to the report, all token sales are forbidden within the country, and organizations which have already completed ICOs are instructed to return all investor funds. This is likely an impossible task, since organizations have doubtlessly already spent a portion of those funds.
Full story at http://bit.ly/2gHiFCW
Source: CryptoCoinsNews
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