Crypto Markets in the Red: New Monthly Lows
Cryptocurrencies have been affected by yet another market slump last week. At the moment of press, BTC is worth a bit over $6900, while ETH stays at roughly $380. The top 10 altcoins aren’t doing much better. Ripple (XRP) is also down a whopping 24% over the last week and is currently stagnating at $0.49. LTC is down 29%, dropping from $160 to $114 at the moment of writing. Even privacy-oriented Monero isn’t doing any better, with a 16% drop from $210 to $179.
Crypto markets have not been up to a good start since the beginning of the year. Bitcoin hit its all-time high of $20k in December 2017, just to plunge down to half that value a month later. Altcoins have been affected as well, including Ethereum, which has hit $1k at the beginning of January and is currently struggling to reach $400. Ripple, one of the most controversial cryptocurrencies, has reached $2.00 around the same time, only to plunge down to one-fourth of that in a matter of days.
Experts claim that one of the main reason behind last week crypto market drops is Twitter’s newly announced ban on cryptocurrency-related ads. Following in the footsteps of Facebook and Google, Twitter has confirmed the ban on March 26th. However, stricter regulations on crypto-related content and activity have also taken a toll on the markets. Exchange giants like Bittrex are forced to delist tens of currencies out of security reasons, introduce stricter identity verification processes, ban users from certain areas from trading, and more. While stricter regulatory measures might make the crypto space safer for investors, it is still unclear how much of an impact they have on the crypto markets themselves.