Saturday, 24 February, 2018

Bitcoin sinking like a stone with cryptocurrency market in freefall

Bitcoin's Crash Continues, Drops to Three-Month Lows Money was pouring into cryptocurrencies during the stock market's selloff
Elsie Buchanan | 06 February, 2018, 14:50

The price of bitcoin has slumped more than 10 per cent to a three-month low today as cryptocurrencies face attacks from all sides.

Bitcoin reached its peak in November, when it hit $19,000, and then began to fall steadily from mid-December. Last week it suffered its worst weekly performance since 2013.

Bitcoin declined for a fifth day, breaking below $US7,000 for the first time since November and leading other digital tokens lower, as Lloyds Banking Group joined a growing number of big credit-card issuers halting purchases of cryptocurrencies on their cards. Ethereum was up slightly on the day.

Over half a trillion dollars of value has been wiped off the entire cryptocurrency market in just under a month, as the prices of popular digital coins plunge.

Early last week, Facebook banned ads for cryptocurrencies and initial coin offerings, saying such ads are "frequently associated with misleading or deceptive promotional practices".

Claude Puel: Leicester City players will welcome back Riyad Mahrez
Despite Leicester's struggles this season, he has been one of the bright sparks with eight league goals and another seven assists. The result of keeping a player for too long could result in his value dropping considerably.


It's impossible to predict how much further the cryptocurrency will crash, but one Reddit user used an edited version of a famous scene from The Simpsons to sum up its fate so far.

It was not clear whether the ban would affect all cryptocurrency adverts on the social media site.

Fears of tightening regulations are also turning sentiment negative: China, India and South Korea have continued to discuss stricter regulations and Facebook last week chose to ban adverts promoting cryptocurrencies. Following this, the bitcoin price tumbled in the global market.

A $530 million hack of Japanese cryptocurrency exchange Coincheck late last week has also weighed on the market, along with a subpoena USA regulators sent to two of the world's biggest cryptocurrency players, Bitfinex and Tether.

Worldwide regulators are expected to debate how to address the risks posed by the market at the next G20 meeting in March.

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