Bitcoin Price Tanked and It Could Hit $5000 Level, Analysts Say

Bitcoin price Google advertising ban

This is not illegal since the cryptocurrency market is not regulated.

Bitcoin has slipped below the $8000 levels and is now trading $7899.96, according to the data on CoinMarketCap. Though a short recovery saw it increase the market cap to $317 billion, this is still lower than Bitcoins apex market cap of $335 billion achieved in mid-December. This a considerable 14% drop in its value the previous day.

Though Google's decision to ban cryptocurrency-related-ads impacted trade sentiments, several other factors are contributing to the latest crash - lower trading volumes, SEC registration, and the Chinese crackdown on worldwide cryptocurrency trading.

".it appears to us that bitcoin mania is a textbook-like bubble - and one that is probably just about to burst", author Stefan Hofrichter wrote. For instance, Ethereum managed to bring down the losses to 0.36 percent from 5.02 percent while Ripple loss was brought down from 4.81 percent to 0.68 percent in the last one hour period.

Following Google's announcement, the value of the cryptocurrency Bitcoin decreased over 2 percent and reached around $9,000. "We don't have a crystal ball to know where the future is going to go with cryptocurrencies, but we've seen enough consumer harm or potential for consumer harm that it's an area that we want to approach with extreme caution", he told the station. Therefore, Bitcoin was involved in a fall in price by around 13%, and at some point, it was selling at $7,800. What's more, the trustee of the closed bitcoin exchange Mt. Gox, which has filed for bankruptcy, disclosed earlier this month that he sold off as much as $400 million worth of cryptocurrency.

Regulators from U.S., Japan, and South Korea have broadened crackdown on crypto markets; the regulators are closely inspecting ICO's, price manipulation activities and asking for the registration certificate to work under the policy guidance of SEC. Investor confidence was last week shaken by fears of regulation, big sellers liquidating holdings in the market, and rumours of another exchange hack.

However, while these negative news may be affecting the market right now, the value of Bitcoin comes from the underlying technology it was built on - blockchain.

Trey Ditto, the CEO of crypto-specialist PR firm Ditto, said in an email on Wednesday evening: "Today's decision to ban ads on Google feels like they're throwing the baby out with the bath water".



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