News that cryptocurrencies continued to fall on Thursday morning hit a nerve with hordes of cryptocurrency enthusiasts, who rushed to ponder the topic on social networks.
As the nascent financial sector crunch is further deepening, Ethereum has hit a new low this year (7.2 percent down) and Bitcoin has dipped by a little over 5 percent, to $7,539.45.
Notably, $7,700 is universally viewed as a “key support level” for Bitcoin and the fact that it has sunk below it can’t have gone unnoticed.
Virtual coin experts have taken to Twitter to promote less widely marketed cryptocurrencies and related ICOs, citing failures of the much hyped Bitcoin and Etherium:
Others are vocally supporting the embattled Bitcoin saying this is all temporary and urging their bear market to “grab onto something tight” to safely survive the “storm.”
Some inspiring news has come from China, which although ICOs are officially banned there, is starting a new financial news TV network that will cover virtual currency stock market updates:
The cryptomarket has seen a deep slump ever since Christmas, with the total market value showing an over $500 billion dip. It essentially peaked at $800 billion in December before falling dramatically to a peanut turnover of $280 billion as of Thursday. The crunch has revealed itself amid the tech giants’, namely Facebook’s and Google’s, widely reported moves to curb or halt cryptocurrency ads on their online platforms.
Despite the falling consumer interest in the digital projects due to the recent anti-ad measures and scams in the market, the CEO of crypto wallet Abra told Business Insider this week that he believes the market will get over the crisis within days to come as more institutional money investments are expected in the segment.
“I talk to hedge funds, high net worth individuals, even commodity speculators. They look at the volatility in the crypto markets and they see it as a huge opportunity. Once that happens, all hell will break loose.”
Major technology corporations like Twitter, Google and Facebook have announced their intention to ban cryptocurrency advertising and related products, citing the insecure market and a slew of scams. Most notably, Twitter’s announcement of the move pushed Bitcoin prices down 7 percent on Monday, to near $7,886, which is more than $600 lower than the day earlier, according to Coinbase.