Over the Labor Day weekend, the Cryptocurrency markets got routed for billions. The fall comes after it was rumored that China’s Central Bank issued a ban on all Initial Coin Offerings. (ICOs)
My favorite Cryptocurrency news site is here: Cryptocoinnews.com
From all I have read thus far, this was just a rumor. Good thing we don’t have to play the rumor game and can just focus on price. Taking a look at the top 3 Cryptocurrency markets we can see price leaving long lower shadows on the daily charts and finding support at areas we would expect:
Bitcoin
Ethereum
Litecoin
Thus far, prices are telling you that buyers are defending lower. We will keep a close on on action as these rumors play out regarding China’s possible ban on ICOs for the time being.
If you aren’t in, this may be your chance…
OC