Chinese government in a press release banned ICOs in China which caused a lot of panic today. The ban also striked the exchanges and Bittrex is currently facing a bloodbath. Have a look at the screenshot below:
Almost all the coins are deep in red. Bitcoin also fell more than 5% after the news!
Many traders started selling their coins to avoid further losses which caused more trouble for the market. The coins will face more loss when traders from different countries such as US will start selling their coins.
The NEOCoin owners will face more losses since NEOCoin has already stated that they will comply with Chinese government - maybe this is the end of NEO.
What to do now?
Do the following things:
- Hold the coins
- Sell coins(if you have any) and buy at cheapest price possible
The coins will start recovering as soon as the dust settles. On a positive side, more chinese traders will loop up to exchanges like Bittrex and Poloniex. These exchanges can expect a new flow of traders from China region.