Total destruction! Tokens plummeted across the board, with Bitcoin falling nearly 10%

After the central bank issued an announcement requiring an immediate halt to token issuance and financing activities, all major tokens fell across the board.

Super cash Hshare (HSR) fell more than 50%; the ICO token Quantum (QTUM) led by Li Xiaolai fell more than 30%; EOS coin fell more than 30%.

OmiseGo (OMG) fell 20%; VeChain (VEN) fell 20%; Lunyr (LUN) fell 17%;

Since the weekend, SuperCash has fallen 75% and QuantumCoin has fallen 50%.

The central bank announced that ICO is essentially an act of illegal public financing without approval, and is suspected of illegal sale of token tickets, illegal issuance of securities, illegal fundraising, financial fraud, pyramid schemes and other illegal and criminal activities. From the date of this announcement, all types of token issuance and financing activities should be stopped immediately. Organizations and individuals that have completed token issuance and financing should make arrangements for liquidation, reasonably protect the rights and interests of investors, and properly handle risks.

Bitcoin dropped nearly 2,000 yuan in 20 minutes, and Ethereum plummeted 10%

After the news was released, the prices of Bitcoin and Ethereum plummeted. Bitcoin dropped by nearly 2,000 yuan in 20 minutes, and the prices of Ethereum and Litecoin both plummeted by 10%.

Since the weekend, the price of Bitcoin has fallen by 18%, the price of Ethereum has fallen by 27%, and the price of Litecoin has fallen by 28%.

Regulators' crackdown on ICOs may have raised concerns among investors that Bitcoin could face strict regulation.

According to a Bitcoin investor quoted by 21st Century Business Herald, "It is currently uncertain whether mainstream digital assets such as Bitcoin will be included in token regulation, because in terms of form, whether it is decentralized or not, tokens should be included in this category, but the previous document in 2013 defined it as a digital asset, so there is controversy here. We understand that there is no problem, Bitcoin and other digital assets have been defined as digital assets before, and free trading is protected by law."

In addition, the ICO setback will reduce the market demand for mainstream digital currencies such as Bitcoin and Ethereum, causing investors to worry that the rise of these digital currencies will not be sustainable. According to Wall Street Journal, the surge in ICOs is one of the reasons for the sharp rise in the prices of Bitcoin and Ethereum this year.