The Downward Spiral: Bitcoin and Ethereum Prices
On March 15, the crypto market experienced a significant downdraft, with Bitcoin (BTC) dropping below the $8,000 mark and Ethereum (ETH) trailing just below $600. These drops are creating waves of speculation, with many eyes glued to Google’s recent policy update that will ban all cryptocurrency-related advertisements starting June 2018.
Google’s Unfortunate Update: What You Need to Know
Google’s decision to implement this ban has sent the crypto community into a frenzy. Despite the ban not commencing for several months, investors are already feeling the effects. CNBC anchor Jon Fortt humorously captured the absurdity of the situation with this tweet, showcasing a crypto ad that popped up on a CNBC article specifically discussing the ban.
“Lol @ this Google-served #cryptocurrency ad on this CNBC story about Google moving to ban crypto-related ads.” – Jon Fortt
The Performance of Bitcoin and Ethereum
At present, Bitcoin has encountered a sharp decline, trading around $8,928—a nearly 8% drop in just 24 hours. The last time BTC was this low was over a month ago on February 6. Similarly, Ethereum is battling against the tide, currently trading around $619 and facing a discouraging nearly 9% decrease over the same period.
Market Cap Meltdown: The State of Cryptos
The total market cap has plummeted to around $332 billion, a point last seen on that infamous February 6 date. Among the top ten cryptocurrencies:
- Cardano is taking the hardest hit, down almost 15.5%, trading at about $0.18.
- Litecoin has had somewhat of a better day, only declining roughly 3% to around $165.
Insights from Influencers: John McAfee Weighs In
With the market in turmoil, crypto enthusiast John McAfee shared his thoughts on Twitter, advising that short-term investors should brace themselves for mediocrity or worse:
“If you are a long term investor, you will have no concerns. If you are short term… mediocrity at best, and oblivion at most likely.” – John McAfee
Bright Spots in an Ocean of Red
Amidst the doom and gloom, not all news is negative. Square Cash has **added a BTC buy and sell option** for Wyoming users, expanding its reach in the face of strict state regulations. Additionally, Circle has rolled out its crypto investment app across 46 states, pushing for further regulatory acceptance by applying for a BitLicense.
Also noteworthy was the Coinbase Chief Legal Officer’s assertions during hearings in Washington, expressing that current US regulations may be stifling innovation. Finally, the adult entertainment industry is not lagging behind; Playboy Enterprises has announced its plan to create an online payment wallet supporting various cryptocurrencies.
This juxtaposition of plummeting prices and groundbreaking developments creates quite the spectacle in the world of cryptocurrency. Buckle up, folks, the crypto rollercoaster is far from over!
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