Bitcoin, the most famous cryptocurrency, saw a 12 percent drop to $7982 on Friday, the lowest since Nov.24, as Bloomberg reported. Rivals such as Ripple, Litecoin, and Ether continued to fall 18 percent, leading to the fear over the miserable future of digital money.
Major cryptocurrencies continue to suffer a terrible loss. In just 24 hours, the global virtual money market has incurred $102 billion losses. The total market value slipped from $500 billion to $375 billion, CoinMarketCap said.
Governments around the globe expressed their worries and concerns that criminals and terrorist use digital currencies. On Wednesday, Indian Finance Minister Arun Jaitley warned that the country would ban the use of digital money for illegal activities.
South Korea’s finance regulators are imposing a stricter measure on verifying identities of digital cash investors. The policy is a part of the country’s steps to control one of Asia’s most lucrative bitcoin markets.
The price of bitcoin hit its peak to $19,000 in December last year.
The growing popularity of cryptocurrency is going crazy. But not all companies are turning to digital currencies. Facebook is one of the example.
The most popular social network has decided to ban all advertisement related to cryptocurrencies, bitcoin, and ICOs, aimed at avoiding scams and misleading information.
"We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception.That said, there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith,” Facebook product management director Rob Leathern as quoted by BusinessInsider.
Facebook encourages users to report ads or content that violates the company’s policy.
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