Bitcoin has fallen again and is currently below $7,000. This is the lowest it has been since seventh of February.
According to reports from bitcoin trading news sites, the largest cryptocurrency in the world is pegged at $6,700. The digital currency had been on a steady decline from $8,000 a few days ago. So far, it has had a fifteen percent dip within one day.
Stepping back, the price put the cryptocurrency at a shocking 51-day low. It is down by about 42 percent from the recent high of $11,660 on Mar. 5.
However, Feb 6 still holds the record for the lowest dip of 2018 when Bitcoin reached $5,947. Still, the drop of bitcoin follows a larger market decline.
Still, bitcoin’s drop also follows a broader market decline.
Data from bitcoin trading news sites reveals that the cryptocurrency market capitalization is presently at a 3-month low of about $256 billion. This is a 70 percent market decline since the 2018 high of $800 billion at the beginning of the year.
Indeed, the 20 top tokens are all displaying a ten to twenty percent sell-off. All these events were documented within the last twenty-four hours.
As earlier reported, the 2nd to 4th largest cryptocurrencies by volume named Ripple, Ethereum and Bitcoin Cash, have taken the hit and are at their lowest. Earlier today, Ethereum dropped below $400. This is the first occurrence since the end of last year.
Links to social media?
This overall slump in the market can be linked to the recent announcement by Twitter that it plans to ban all ads related to crypto. Google and Facebook also implemented a similar ban, and Mailchimp closed crypto related accounts.
Crypto and Blockchain associations spanning across South Korea, China and Russia have responded to this social media ad ban. They plan to sue the social media giant, claiming that the move is market manipulation by monopolies.