The last week has been a nail biting week for the Cryptocurrency eco-sphere, with China first putting a stop to all ICO’s until further notice and then the announcement that all Chinese exchanges were to halt trading as soon as possible. Speculation of what exactly the long term meaning of all this is has been flying around the media, but what is clear is that China is clamping down on all Cryptocurrency trading until further notice.
Criminal Bankers, What Do They Know?
Then to top it all off JPMorgan Chief Executive Jamie Dimon publically stated that ‘Bitcoin is a fraud’ and that anyone who trades in Cryptocurrency under his command would be fired in an instant. But Jamie Dimon condemning Cryptocurrency as fraud is a little like a pimp condemning one night stands between two mutually compliant individuals, his words have no weight and should be dismissed.
So as you can imagine the total crypto-currency market capital has taken a significant hit this week, with the total market capital dropping down to a low of $97 Billion and Bitcoin dropping over $1000 top a low of $2947 according to coinmarketcap.
Bitcoin And The Crypto Market Bounces Back
But yesterday after Bitcoin fell to it’s lowest value in a month it bounced back with a $700 increase, since it’s bounce it has dropped back a little and currently sits at a round $3550. Expect more volatility over the coming days and weeks as the upcoming Segwit2x potential hardfork looms and further regulation is announced by Government officials around the World regarding ICO’s and Cryptocurrency.
Bitcoin Shows Its Strength Through Rough Times
But, all that aside, this week as shown us just how strong Bitcoin now is, China is a huge player in the market and many believed that such news coming out from China would destroy Bitcoin altogether, but in the great scheme of things the effects on Bitcoin and the Crypto space have been minimal. Rest assured, Cryptocurrency and more importantly Bitcoin are not going anywhere, anytime soon!