Bitcoin Tumbles as PBOC Declares Initial Coin Offerings Illegal
Aren't ICOs more of an altcoin phenomenon?   How does this impact upon Bitcoin?<p>To me It looked like Bitcoin just bounced off a psychological ceiling at 5000USD.  It has done this with various round number levels in the past.  It makes a bit of sense if you consider people are inclined to think something like "I'll sell when it reaches $5000"<p>There also seems to be a tendancy to use evocative language (collapse,tumble,collapse etc.) to describe what has often been a loss of only a few weeks worth of gains.   I guess when people have an agenda to push on the other side they call the same thing a correction.<p>I don't claim to have any special knowledge of how all this works.  It just seems to me that many of the authoritative sounding voices are actually as clueless as the rest of us.