- Chinese ICO platforms are reportedly suspending their services
- Isle of Man announces permissive regulatory framework to encourage ICOs
- Litecoin (LTCUSD on xStation5) is breaking an important resistance
At the beginning of the week we wrote about the report coming from the PBoC where the Chinese central bank decided to crack down on the proliferation of ICOs across China. It seems that some steps have been already taken as more than 40 Initial Coin Offering (ICO) platforms are reportedly suspending their ICO services. Banks have also been instructed to stop providing service to ICO platforms. Even as Bitcoin (BTCUSD on xStation5) has been quite intact on that news so far, it means that the most famous digital currency could struggle to attract more buyers there.
On the flip side, we got quite an interesting story from the Isle of Man which is a self-governing dependent of the British territory but despite being a possession of the Britain, the island is not a formal member of the United Kingdom. The country has revealed that it has been developing a permissive regulatory framework designed to encourage the ICO industry. It has also described the initial coin industry with enthusiasm, underlining that “our understanding and analysis of the ICO is that it represents a massive vertical market”. All of that suggests that the end of ICOs is not a foregone conclusion even as some countries (for one China) criticize it.
Meanwhile, the Litecoin price could be trying the break through $81.5 and if it manages to do so, it could give rise to an increase above $90. Let us point out that a resistance line is underpinned by an evening star candlestick.
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