Bitcoin, Ethereum, and all other major cryptocurrencies are continuing their downward slide. The prices of all top 10 coins are down by double-digit percentages in the last 24 hours, according to CoinMarketCap.
Bitcoin is currently trading at $7,951, a 13.4 percent decline, while Ethereum is at $592, a 14.6 percent drop.
The sell-off is likely a result of an onslaught of bad news for the crypto market, and the continuation of a bearish trend that started in January.
On Wednesday, Google announced it will ban cryptocurrency-related ads on its AdWords platform starting June.
And last week the market was shook by the news of a hacking attempt on popular cryptocurrency exchange Binance, as well as the SEC announcing more stringent regulations for crypto-exchanges (a similar sentiment was expressed during a congressional hearing on cryptocurrencies on Wednesday). It was also revealed that a trustee for the now-defunct crypto-exchange Mt Gox had been selling a large amount of bitcoins on the market since December, likely contributing to Bitcoin’s price decline.
Overall, the market cap of all cryptocoins put together is around $317 billion at the time of writing — a far cry from its January maximum of $835 billion. The last time this number was this low was in early February, when the total crypto market cap briefly fell down to around $281 billion.
A Freelance Journalist, Entrepreneur and Philanthropist. Editor-in-Chief of www.233times.com. A contributory writer for Ghanaian Chronicle Newspaper. An alumnus of Adisadel College where he read General Arts. He holds first degree in Bachelor of Arts from the University of Ghana; Political Science (major) and History (minor). He has also pursued MSc Corporate Social Responsibility (CSR) and Energy with Public Relations (PR) at the Robert Gordon University in the United Kingdom. His mentors are Rupert Murdoch, Warren Buffet, Sam Jonah, Kwaku Sakyi Addo and Piers Morganview all posts by: Nana Kwesi Coomson
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