Cryptocurrency Traders Lose $115 Billion in 24 Hours as Bitcoin Bloodbath Continues

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Cryptocurrency Traders Lose $115 Billion in 24 Hours as Bitcoin Bloodbath Continues

Bitcoin has declined by more than 14 percent in the past 24 hours, while Ethereum, Ripple, Bitcoin Cash, and other major cryptocurrencies fell by more than 20 percent.

The cryptocurrency boom/bubble has led to scams and wild price fluctuations that have cost a lot of people - including unsophisticated investors - a lot of money. While India announced the toughening of the regulation of the cryptocurrency market.

The Indian government doesn't recognize bitcoin as legal tender and is fully committed to eliminating cryptocurrency payments from its system, Bloomberg writes.

Earlier in the week, Facebook announced that they would be banning ads promoting cryptocurrencies, but it's not the first of its kind to have done so recently.

"We have created a new policy that prohibits advertising of financial products and services, often related to deceptive advertising practices such as binary options or crypto-currencies", - said the Director of product management of the company Facebook Rob Coyne. Facebook could not immediately be reached for comment. None of the top 100 cryptocurrencies in the coin market cap have increased in past 24 hours except DigixDAO. It is better to analyze the technology behind such crypto coins before investing in it.

Critics call cryptocurrencies a speculative mania that will end in tears for thousands of retail investors.

The PBOC announced past year that they would not support ICOs and since then, searches for "Bitcoin", "cryptocurrency", and "ICO" have returned articles and links but no advertisements or sponsored posts on China's largest search engine Baidu and Weibo (China's version of Twitter).

However, Blockchain technology is the most welcomed by all countries.

"Short-term pessimism misses the point that it [regulation] could make the ecosystem thrive in the long term", said Charles Hayter, founder of London-based Cryptocompare. It surged more than 1,000 per cent though in 2017. But early January, the price suddenly falls down from $20K to $14K.

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