- Prices of major cryptocurrencies saw a sharp downward slide Thursday, amid closer regulatory scrutiny on the space and after Google announced plans to ban advertising related to the sector.
- Large selling from a trustee of now-defunct cryptocurrency exchange Mt.Gox was partly to blame.
- Google also banned cryptocurrency-related adverts which hit sentiment.
- By 4.00 a.m ET the bitcoin price had recovered to $8,219.77, pushing the total cryptocurrency market cap to $331.7 billion.
The cryptocurrency traded mildly lower, near $8,000, Thursday, according to CoinDesk’s bitcoin price index, which tracks prices from four major global exchanges. Earlier, bitcoin hit a low of $7,676.52, its lowest since Feb. 8, according to CoinDesk data.
The best part about the crypto crash is that there is only one direction that it will go and that that is up!