In just several days, the cryptocurrency market lost $60 billion in value while bitcoin sank below $8,000. It is the worst performance for the most popular digital coin in a month.
Bitcoin lost over 13% in value since Wednesday, Mar. 14. Earlier this week, the digital token didn’t fare better. Other cryptocurrencies lost significant value this week. There are losses of between 13% and 21.48% when compared with yesterday’s levels.
Ethereum slid just below the $600 mark, which is the lowest level this year. The second worst level for the coin was $689 in early February, which was affected by extremely high volatility. In early February, Bitcoin hit $6,000 for the first time in five months.
The cryptocurrency market’s value currently stands at $318 billion, which marks a $82 billion loss since last week’s levels. This week the market has shed $17 million so far. Cryptocurrency owners are alarmed by the losses, but such high volatility is not unusual for the cryptocurrency market.
Governments Rallying Against Cryptocurrencies
What’s more, governments worldwide are trying to regulate the market. In some countries some digital coins were banned altogether. Regulators are concerned the virtual currencies can be used in money laundering operations, as they cannot be easily tracked.
On Wednesday, Google delivered another blow to cryptocurrencies when it said that it would ban ads that promote them. The ads will be removed from the company’s Adwords network in June 2018. The ads have been already banned on Facebook and China’s social media networks.
Analysts believe that the recent sharp drop in value may be linked to a major sell-off of bitcoin by a former trustee of the controversial Mt. Gox exchange to pay his creditors. Another reason for the drop may be Google’s announcement.
According to CoinDesk, on Thursday, bitcoin traded at $7,676.52, which marks the lowest value since Feb. 8.
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