News Chinese Projects Fall Deep Into Red, All Else Turns...

Chinese Projects Fall Deep Into Red, All Else Turns Green

-

- Advertisment -

Chinese projects have seen a considerable fall in value during the past few days following PBoC’s sudden declaration that Initial Coin Offerings (ICOs) are illegal.

NEO has fallen another 10% today, out of the top ten and below OmiseGo. With the currency more than halved in the past few weeks from a high of $45 to around $20, while its trading volumes stand just above $75 million.

Chinese Projects Fall Deep Into Red, All Else Turns Green
NEO’s recent price action.

Next in line is Qtum, another China based project which has seen a price fall of 6% today, somewhat halved in the past 2-3 days following the PBoC notice.

Their trading volumes are double NEO’s, but their market cap is just above $600 million, falling from above $1 billion at the beginning of the month.

Chinese Projects Fall Deep Into Red, All Else Turns Green
Qtum’s recent price action.

Interestingly, TenX is following the same sort of trajectory, buckling the general green trend to follow Chinese projects into red.

Why, remains unclear as the project is based in Singapore, not in China, according to their website, but perhaps the market knows something we don’t, or maybe their downwards movement is unrelated.

Chinese Projects Fall Deep Into Red, All Else Turns Green
TenX recent price action.

They also halved in the past few weeks, down another 5% today at the time of writing, with their market cap falling to around $300 million, while their trading volumes stand at just $14 million.

But all of the above is child’s play compared to Hshare, a new China based project that quickly rose to a market cap above $1.2 billion recently after ICO-ing, with the project seemingly having some momentum at the time.

That all changed around September the 1st, when the token turned downwards and downwards, falling in price some 75% from $36 to a current price of around $10.

Chinese Projects Fall Deep Into Red, All Else Turns Green
Hshare’s recent price action.

In contrast, almost all other digital currencies have turned into green. Some 5%, some 10% and some even 15% as the market seemingly decides that PBoC’s announcement is isolated in effect to Chinese projects only.

A pretty rational decision now with the benefit of hindsight. Not least because it may actually even be the case PBoC’s decision benefits non-Chinese projects.

Chinese Projects Fall Deep Into Red, All Else Turns Green
All non-Chinese projects turn green.

That’s because Chinese based projects will have to unwind, returning to investors eth, btc or whatever other currency they raised during the ICO. Assets which they may not have, thus may need to purchase.

That shows once again just how global this space is, and just how careful regulators have to be to not harm their own citizens to the benefit of other nations.

Because there is little doubt Chinese citizens have been made poorer, potentially to the tune of billions, while the rest moves on and leaves the country behind.

As you can not quite tame a global phenomena by unilateral national action. The free market will simply route around countries that wish to isolate themselves, or indeed those that try to stand in front of progress.

 

Source link

Chinese Projects Fall Deep Into Red, All Else Turns Green
Bitnewsbot.comhttps://bitnewsbot.com
BitNewsBot.com aggregates the latest news around bitcoin, blockchain, cryptocoin, ICO's and FinTech, from all around the internet and publishes them in a single place.

Latest news

Bitcoin and Other Cryptocurrencies – How Their Values Fluctuate

Are you interested in knowing more about Cryptocurrencies? Have you been surprised by the value of Bitcoin...

Understanding The Viability of Blockchain in Supply Chain Management

With the advent of modern technology, the business dynamics of various industries have evolved and transformed in...

Top 7 Porn Sites That Accept Bitcoin/Crypto

Bitcoin and other cryptocurrencies are not that exotic anymore. Ever since the big boom on the crypto...

“Chinachain” aims to connect hundreds of cities across China. Will it work?

If there’s ever a “Chinachain” for business, sanctified and supported by the state, the BSN ( Blockchain...
- Advertisement -

Top 10 BEST Crypto Trading Books for New Traders (2020)

We may receive a small revenue share if you purchase something from this guide - with...

Crypto Firm That Connects Exchanges and Banks Receives $5m Investment From Wells Fargo

Cryptocurrency startup Elliptic recently held a Series B funding round which was joined by a venture arm...

Must read

Bitcoin and Other Cryptocurrencies – How Their Values Fluctuate

Are you interested in knowing more about...

Understanding The Viability of Blockchain in Supply Chain Management

With the advent of modern technology, the...
- Advertisement -Chinese Projects Fall Deep Into Red, All Else Turns GreenChinese Projects Fall Deep Into Red, All Else Turns Green

You might also likeRELATED
Recommended to you