The rate of Bitcoin within a day increased by more than 22.82% and is now traded at around $ 7 854. Other cryptocurrencies also show steady growth after a prolonged fall.
Due to the recent events, the capitalization of the most known cryptocurrency has dropped significantly to $ 132 billion according to the CoinMarketCap. It happened on the grounds of a raw of negative events:
- Facebook banned advertising
According to the new policy, it is prohibited to use Facebook and Instagram as platforms for advertising any products based on cryptocurrencies, ICO and binary options.
- India tightens its approach to cryptocurrencies
Finance Minister of India Arun Jeytli said in the presentation of the country’s budget speech that the government “will take all steps” to make it impossible to use digital currencies “to finance illegal activities or as a replacement for the payment system.”
- Big hacking
The Japanese exchange Coincheck said they will pay customers their lost funds off after the hacking, as a result of which NEM tokens worth about half a billion dollars were stolen. This is the largest theft since Mt. Gox hacking in 2014.
- Own volatility
Bitcoin and its analogs are volatile by nature, but in 2018, against a background of intense scrutiny by the US and Asian regulators it only intensified. It should be reminded that the capitalization of cryptocurrency market currently totals 349 billion dollars. Bitcoin accounts for 35.5% of the total market.