NEO down to 28$!! What happened in China?
Rumors are spread that China is banning all kinds of ICO and making them illegal. Here's the news I found on the web.
The governments are concerned and therefor try to get hold of the gray space around cryptocurrency (sorry for my english, I hope you guys know what I try to say). So they try to create rules for the space and meanwhile might ban it or make it illegal:
http://www.businessinsider.com/r-chinas-regulators-preparing-new-rules-for-digital-coin-offerings-caixin-2017-8
I also found this post which sounds interesting. China is potentially suspending all ICOs in the future. People's Bank of China is considering a blanket ban on ICO's because of potential "large risks" for consumers.
https://cointelegraph.com/news/china-ico-suspension-warning-echoes-regulator-treatment-of-exchanges
This all isn't a big surprise as Cryptocurrencies are starting to become really popular. And with this popularity lots of scams are attracted too I guess. So it might be useful to try to regulate it (this digital wild wild west, or rather east maybe...).
Either way, China's ETH, NEO, had a big bearish run and recovered a bit but is still pretty down (-10%).
These news for sure impacted the NEO price but I don't think that even blanket ban in China would bring Neo down.
To many people believe in it already and might see this now as a buying opportunity.
I myself hold some NEO and don't feel the urge to sell. Several other coins had their downs too before and are doing good now. As usual, we can't know where it goes. But the news aren't very specific yet, I didn't find anything about HOW they actually want to ban it, so I don't see all chinese selling their coins yet.