Looking back, it happened in 2017. This incident was triggered by the regulation of mainland China. In this year, various myths of getting rich quickly were born in the cryptocurrency circle. Billions of people were eager for financial freedom. How could they let go of such a good opportunity? Therefore, a large number of ICO projects were rampant like a virus. Even the aunties who danced in the square stopped dancing and started to study ICO. At one time, many junk projects and junk coins emerged like mushrooms after rain.
How could the regulatory authorities ignore such a chaotic and lively situation?
On August 21, the central bank headquarters received an emergency report that clearly pointed out that ICO was a disguised form of illegal fundraising. People from the central bank studied a large number of ICO white papers and concluded that "90% of ICO projects are suspected of illegal fundraising and subjective intentional fraud, and the actual amount of funds raised by ICOs for project investment is less than 1%."
A blockchain conference that was supposed to be held on September 2 was stopped by the relevant department (Beijing Financial Bureau). The reason behind the suspension of the conference is that the regulator has made a judgment on ICO and the relevant regulatory documents will be issued in the near future.
On September 4, 2017, the bombshell finally dropped. Seven ministries and commissions jointly issued the "Notice on Preventing the Risks of Token Issuance and Financing", defining ICO (initial public offering) as an act of illegal public financing without approval. The notice stated that ICO was suspected of illegal sale of token tickets, illegal issuance of securities, illegal fundraising, financial fraud, pyramid schemes and other illegal and criminal activities, which seriously disrupted the economic and financial order.
As soon as the big move was released, Bitcoin fell 32% and Litecoin fell 57.3%. This drop also shows the influence of mainland China on Bitcoin.
Faced with the sickle of regulation, many exchanges were forced to move overseas, project parties began to withdraw coins, the currency circle plummeted, and panic continued to spread.
However, after the brief impact of the 94 incident, Bitcoin still experienced a super bull market. By the end of 2017, Bitcoin reached its historical high of 20,000 US dollars, increasing sixfold in three months.
The exchange discovered that it could continue trading in China through currency-to-currency trading and over-the-counter fiat currency trading. BA also took advantage of this opportunity to achieve a super counterattack and stood on the bright top of the exchange until today.
Without the 94 incident, there would be no BA today, right? For those who like the stories of the cryptocurrency circle, I will continue to update them. Understanding history and culture also has different meanings. Sharing is not easy, and your likes and attention are my biggest motivation. #Telegram创始人获保释 #英伟达财报 #OpenSea收到韦尔斯通知 #以太坊基金会 #
