Despite a brief bounce overnight, cryptos are sliding once again with Bitcoin below $7,000; Ethereum below $400; and Ripple back below 50c.
“It’s a sea of red,” said one seasoned crypto-trader, adding after a stoic pause, “again!”
Bitcoin is back below $7,000…
Heading towards its early Feb lows…
As CoinTelegraph notes, the overall market slump could be attribued to both Twitter’s recent announcment that would ban crypto-related ads, following on the heels of similar announcements from Google and Facebook, or Mailchimp’s apparent closure of crypto-related accounts.
In response to the social media ad bans, crypto and Blockchain associations in Russia, South Korea, and China have created a joint assocation in order to sue the social media giants, including Yandex, referring to the bans as “market manipulation” by “monolopies.”
Regulatory crackdowns on crypto could also be compounding the market’s downward trend, as two Japanese exhanges this week have decided to close instead of working with regulators for compliance.