Bitcoin price can be very volatile, it has dropped almost 50 percent in just over a month, and it continues to fall further after Facebook decided to ban ads related to cryptocurrency. The digital currency has been under pressure all day and the price has dipped by as much as 11 percent in a single day. Bitcoin is now trading at a price we’ve not seen since November 2017.
The bitcoin price reached as low as $9,022 today on the Bitstamp exchange and that’s quite a fall when you consider the fact that the price was hovering around the $20,000 mark in December. The price has declined by 26 percent in January alone and posted the worst monthly performance since January 2015.
Bitcoin isn’t the only cryptocurrency that has been impacted. Ripple, the third-largest cryptocurrency by market value, also posted a double-digit decline today and so did Bitcoin Cash.
Digital currencies have come under pressure in the last 24 hours after Facebook announced a new ads policy banning cryptocurrency and ICO-related ads on the world’s largest social network. The company has intentionally left the policy broad because it wants to prevent misleading or deceptive practices related to digital currencies from being exercised on its platform but it doesn’t want to prevent users from discovering new products as well.
The recent $530 million hack at one of Japan’s biggest cryptocurrency exchanges has cut down on the hype as well. It’s a combination of these factors that have contributed to the latest double-digit decline in the bitcoin price.
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