The cryptocurrency market has been a bloodbath in March, but recovery may not be far off
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It's been a bad month in crypto-city.
Bitcoin, the largest cryptocurrency by market cap, is trading at $7,076 — a 7% decrease in the last 24 hours and a 34.6% decrease on a monthly basis. The second largest coin, Ethereum, is being absolutely pummeled, having dropped 5% to $398 in the last 24 hours, and losing more than half of its value (55.1%) since March 1. And none of the other major cryptocurrencies fared much better.
A part of this price drop can be explained by an onslaught of bad news, mostly having to do with increased regulatory scrutiny of ICOs (initial coin offerings) and cryptocurrency trading in most of the world's markets. The fact that Facebook, Google and Twitter all banned cryptocurrency-related ads on their platforms didn't help. Other recent news, including a rumor of a new mining chip being built for Ethereum (which could make it more centralized) as well as an important, bearish technical indicator called the "death cross" happening on Bitcoin's charts, have certainly contributed. Read more...
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Reviewed by mimisabreena
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Saturday, March 31, 2018
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