It seems that China's fight against Bitcoin and the cryptocurrency world is not over yet. I just read a report on Zero Hedge (linked at the bottom of the article) claiming that China might be planning to shut down local exchanges. This obviously has people panic selling, especially those living in the country.
And yes, it does suck a lot to hear this: if true, it is a major blow to Bitcoin and the cryptocurrency world, but I am sure this won't mark the end of it. China simply doesn't know how to deal with this and how to tackle the problem, so they are looking for solutions.
I don't think that Bitcoin should suffer on the long term and I don't think that cryptocurrencies can be defeated it's just a government trying to remain up top. They won't succeed... we are already too far.
So my recommendation? Don't panic sell. But, of course, you are free to do whatever you feel like.
Please upvote and resteem so everybody knows the cause of this new drop!
Below is an excerpt form the Zero Hedge article (available in full here: http://www.zerohedge.com/news/2017-09-08/bitcoin-crashes-massive-volume-china-plans-shut-local-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.
This is following the September 4 People's Bank of seven ministries and commissions joint announcement (hereinafter referred to as the announcement) after further supervision action. The announcement will mark ICO (Initial Coin Offering) as "illegal financial activities" and order the ICO to be banned on the date of publication of the announcement. All ICO tokens trading platforms need to be cleared to close the transaction."
You can never solve a problem on the level on which it was created.
- Albert Einstein