Most major cryptocurrencies, including Bitcoin, Ethereum, Ripple and Bitcoin Cash experienced additional price drops over the last 24 hours. Substantial developments continue to occur in the digital asset space despite ongoing volatility and selloffs within the market. One week ago, the global cryptocurrency market stood at $394 billion and it now stands at $371 billion, a $23 billion drop.
Bitcoin is trading for $8,115.54, roughly $85 less than it was during our previous price article.
Bing is following in the footsteps of tech leaders such as Google, Facebook and Twitter and announced it will phase out all cryptocurrency and initial coin offering (ICO) advertisements by late June or early July of this year (2018).
The news was announced on the Bing Ads blog. Advertising policy manager for Microsoft, Melissa Alsoszatai-Petheo explained:
“Because cryptocurrency and related products are not regulated, we have found them to present a possible elevated risk to our users, with the potential for bad actors participating in predatory behaviors or scamming consumers. To help protect our users from this risk, we have made the decision to disallow advertising. We are always evaluating our policies to ensure a safe and engaging experience for our Bing users and the digital advertising ecosystem.”
Additionally, analyst Jani Ziedins of Cracked Market was critical of the recent Coindesk Consensus Conference’s lagging ability to bring more hype to Bitcoin. He commented that the currency is well below $9,000, and has entered what he calls a period of “stalling.”
Ziedins is skeptical of Bitcoin at this price and asserts it will need to rise back up to $9,000 or run the risk of creating panic sell-offs and going back down to the $6,000 range.
“The latest rebound from the $6K lows helped rebuild sentiment,” he assured. “But expect most of those positive feelings to disappear if we stumble back into the $7K range. It often takes bubbles six to 12…