The month-long slide that bitcoin’s price has taken has not ceased to continue as we move into the first day of February. The currency fell below $9,000 for the first time since early in November. The currency is currently worth around $8,700 at the time this article was written, down around 12% in a 24-hour period. The latest decline in price comes amidst a wide variety of concerns throughout the cryptocurrency market. Much of the industry has become ripe with crime and various forms of criminal activity.
Bitcoin is among the hardest hit of these coins, as it represents the industry as a whole given the high amount of power it has over the entirety of cryptocurrency by market capitalization. Many different events have come into the news recently about the atmosphere surrounding cryptocurrency which has ultimately had a negative result on the price of most off the market. One of the first pieces of news that came out was regarding the announcement from Facebook surrounding how they would no longer be advertising anything having to do with cryptocurrency.
Facebook stated that “we want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception.” Many of the ads that were listed on the site were intentionally broad according to the site, stating things like “use your retirement funds to buy bitcoin.” Another event that happened this week was the halting of what could have been the largest ICO in cryptocurrency history by the SEC. The project claimed to have around $600 million in funds raised, but the SEC continues to state that the project is fraudulent. Between all of these events, the world on cryptocurrency may seem bleak right now, but it can only go up from here.