Bitcoin, Litecoin, and, Ethereum crash in price after Google bans advertisements on cryptocurrency.
Over the past three days, the price of Bitcoin has fallen dramatically. However, Bitcoin isn’t alone, almost all of the top 50 cryptocurrencies are falling as well. Bitcoin, Ripple, Bitcoin cash and Ethereum have lost value by a minimum of 7% within 24 hours. This is according to CoinMarketCap.
As at the time this piece was written, one Bitcoin was worth $8,083 which showed a decline compared to its price on Wednesday.
The only two cryptocurrencies that haven’t declined in price, according to CoinMarketCap, are Tether and DigixDAO. In fact, both coins showed little progress. The cryptocurrencies that have dropped most are Steem and NEM. Both lost about 17.93% and 25.06% respectively within the last 24 hours.
The Industry Suffers A Blow
This week hasn’t been the best for the cryptocurrency industry with Google announcing its plans to ban all cryptocurrency related advertisements from its ad network. The ban was placed because these cryptocurrency related ads are deceptive.
Apart from the ban, the industry was seriously mocked by John Oliver during his HBO show. Also, the attempted heist on Binance raised many security concerns about the cryptocurrency industry.
In a bid to tackle the problem, Binance has placed a bounty on the thieves. Anyone who can provide valuable information will be given $250,000 if the thieves are caught. Although this is a good gesture, it has did not affect the market.
The issue of regulation has also contributed to the slump in cryptocurrency market. Some regulators believe that the cryptocurrency world is too complex to regulate and suggest that an outright ban will be better.
Although Bitcoin still dominates the market, it’s pre-Christmas boom of $19,850 now seems far-fetched.