Bitcoin crashes due to "plans" of China

According to some sources, China plans to shut local exchanges; Bitcoin lost %7 in 24 hours
08 September 2017   38521

Having lost about the 20% of its price due to China ban of ICOs, Bitcoin gets new hit: Caixin reports Chinese authorities plan to shut local Bitcoin exchanges.

The supervisory authority has decided to close the exchange of virtual currency in China , which involves all the currencies and currencies of the currency , such as "currency line", "coins" and "Bitcoin China."
Journalists confirmed the news from the person who came close to the Internet Financial Risk Special Rectification Working Group (hereinafter referred to as the Leading Group) and learned that the resolution had been deployed to the local level.
In other words, the future in China can not have the so-called virtual currency and the currency between the trading platform.

Caixin report

So, Caixin suggests regulators are seeking a shutdown of exchanges as part of the ICO ban imposed earlier this week. 

Well, what's the market reaction? Let's check Bitcoin price chart for this week.

Bitcoin price chart
Bitcoin price chart

As you can see on the picture above, Bitcoin got a big "hit" on the 5th of September, just started to recover. Now he's down again.

Top ten cryptocoins
Top ten cryptocoins

Top ten cryptcoins are falling down along with Bitcoin. 

From the point of $4008 at Monday, Bitcoin regained all its lost ground, only to lose half of it once again.

German Financial Regulator Clarifies Stance on ICOs

The Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) has clarified its position on ICOs
22 February 2018   29

German financial regulator admitted it was receiving many inquiries about the status of tokens and cryptocurrencies. According to an advisory letter, BaFin provides some basic definitions of ICOs and related terms. It is important because the results of a new survey showed that more than two-thirds of Germans know about bitcoin.

In this letter, BaFin educates the public and explains how tokens are typically generated, how blockchain works and that ICOs are used to raise funds for startup projects. The note states that for regulatory purposes, ICOs, tokens, coins, and cryptocurrencies are subject to the existing provisions in the field of securities supervision and other relevant national and EU laws.

The authority advises participants in ICOs to check and follow rules applicable to regulated financial instruments, such as securities. If businesses or individuals have any doubts about regulations, they should approach BaFin.

According to BaFin, companies should fulfill any obligations under the Banking Act and the Capital Investment Code, the Insurance Supervision Act and the Payment Services Supervision Act. The transactions may be prohibited if relevant regulatory requirements are not met.

The authority also states that legal classification of tokens requires precise examination. It will determine their status on a case-by-case basis after studying their features. The token should be transferable and tradable on cryptocurrency trading platforms in order to be classified as a security.