Recently, the anxiety around the crackdown on virtual currencies in China is spreading again. Seriously, some people have no idea how the world works. Learn from history. Let’s talk about the impact of the biggest regulatory action in China. 94 = September 4, 2017 regulatory shock 1/ On September 4, 2017, seven departments issued a notice: ICO = illegal public fundraising. 2/ All ICOs were immediately halted. 3/ Projects that had already conducted ICOs were required to refund/clear arrangements. 4/ Domestic trading platforms were prohibited from fiat currency exchange, matchmaking transactions, pricing/information brokerage, essentially shutting down operations. 5/ Banks and payment institutions were prohibited from providing account opening, clearing, and settlement channel support. Price chain: September 2, 2017 high: $4,975.04 (historical high before 94) → September 4, 2017 low: $4,108.40 (on the day) → September 15, 2017 low: $2,946.62 (bottom of this phase). Afterward, people realized that aside from needing a VPN to trade crypto, there didn’t seem to be much other impact. The bull market began. Bitcoin surged to a historical high of $19,800 by the end of 2017.