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Bitcoin Recovers ‘China ICO Ban’ Losses – Bounces Back Above $4600

Courtesy of ZeroHedge. View original post here.

Cryptocurrencies are surging higher once again today as the world realizes that the China ICO ban plunge may follow the SEC 'ban' playbook.

All 10 of the biggest 10 virtual currencies are rising…

Bitcoin is up 15% from its $4000 lows on Monday, rallying to $4600 – erasing the plunge from the moment China officially banned ICOs.

Bitcoin has further to go based on the record highs, right before the rumors began of a China crackdown. As CoinTelegraph reports, Blockchain CEOs are defiant in the wake of China’s complete ban on ICOs, saying there is “no going back” on advancements.

Despite Chinese regulators enforcing a halt on the country’s $400 mln ICO industry Monday, a selection of Blockchain figures responded that they are “bullish” about the future and a more “mature” ICO ecosystem.

“Some governments and incumbents will try to shut down this movement and come to unreasonable extremes in order to do so. However, thanks to the Internet and cryptography, there’s no going back,” Luis Cuende, co-founder of business management platform Aragon said. 

“Eventually, some other governments will embrace token sales and crypto in general, creating jurisdictional competition, and forcing the incumbents to be reasonable…

I’m very bullish about everything that’s happening, and not surprised at all.”

Tokens had reacted instantly to the news from the People’s Bank of China, losing more than 20 percent of their value in hours before rebounding.

Bitcoin and Ethereum, too, felt the pressure before regaining lost ground, with Bitcoin rising above the more significant $4,600 barrier after hitting lows of $4,008.

“The Chinese ruling on ICOs is a gift for the rest of us,” Polymath CEO Trevor Koverko said continuing the positive reactions to the events.

“[...] Guidelines are being worked on, and they are needed, but it's important to note that ICOs are here to stay. The question is, where will they go?”

Estimates for ICO revenues globally run up to $1.6 bln, with China contributing around $400 mln.

As CoinDesk reports, after declining nearly 25% from an all-time high observed earlier this week, the cryptocurrency market is once again in the green. Heading into Wednesday's trading session, the value of all publicly traded cryptocurrencies was once again on the rise, climbing 17% from a low of $134 billion observed Tuesday. At press time, this figure had recovered to $157 billion, a gain of over $20 billion in just 24 hours.


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