Bitcoin and the rest of the cryptocurrency world seems to be plunging in value amidst a large amount of news and happenings in the market. Given that much of the value of the cryptocurrency market is based on the relationship between bitcoin, the coins dramatic price drop over the past month or so, has led to a dramatic decline across the board. Bitcoin is not alone however, most of the other top cryptocurrencies in the space including Ripple, Ethereum, and Bitcoin Cash, have also fallen dramatically in value.
Ripple has dropped by almost 14% over the course of the first day of February, and many are wondering if the end of cryptocurrency could be in sight, or if this could just be the beginning. The falling price of crypto can be explained by several different factors that are affecting the market. One of the pieces of news that affected the market in a vast way was the announcement by Facebook surrounding the banning of cryptocurrency related ads. This may not seem like a big deal at first, but it is more of a statement when looked at closer. If a tech stronghold company such as Facebook releases an announcement refuting cryptocurrency, it says more about the market than the fact that they aren’t letting these ads on their site.
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The company stated that the ads that were being posted on the site were little more than scams and frauds. Another piece of news coming into the space is the drama in South Korea surrounding regulation of cryptocurrency. The country has managed to put several rules on how bitcoin and the rest of the cryptocurrency world can be traded within the country. Given that their are a large amount of traders in the country, this was a big hit for the market as a whole. The hopes are high that the market can begin to come back from the series of news that has hit in the past week or so.