Crypto markets reacted in “red” to the China’s ban on companies raising money through ICOs.

Monday Massacre left the crypto market cap plunging by $16 Billion from its all time high upon PBOC’s report on banning ICOs. When there is blood in the streets it’s best time to buy, and it didn't take long for markets to recover with traders buying in the dips.

Russia has also raised the ‘ban’ sign on mining cryptos, citing its proposal for the ban is due to safety reasons - poor ventilation and excessive heat can put flats and apartments at risk of fire. The mining fever has caught the Tokyo based Internet giant, GMO, which announced plans to spend $320 million on mining bitcoin the first half of 2018.

The ICO mania went cold on media outlets with a Real-Estate project in Dubai accepting bitcoin as development payments for their project. Accepting Bitcoin is indeed a great marketing play and the Emirate has been long supporting Bitcoin and Blockchain technology.

Also from the Middle East Israel’s Bank Hapoalim and software giant Microsoft are collaborating to set up a platform to create digital bank guarantees, based on Blockchain technology.