All major cryptocurrencies, like Bitcoin, Ethereum and Litecoin, are currently going through tough times. According to CoinMarketCap, the prices of all top 10 coins dropped significantly by double-digit percentages within the last 24 hours.
Bitcoin is currently trading at $8,570, while Ethereum is at $547.94
The drop in prices is likely the result of a serious of bad news for the crypto market, and the ongoing bearish trend that began in January.
Google announced last week that it will be banning all cryptocurrency-related ads from its platform starting June. Facebook followed suit and now it seems that Twitter will be imposing the same ban on its platform as well.
Other major news that contributed to the decline in sales of the major cryptocurrencies include the hacking attempt on major cryptocurrency exchange Binance and the US SEC imposing more strict regulations for crypto-exchanges.
All in all, the total market cap of all cryptocurrency coins put together would amount to $317 billion (at the time of writing)—a huge contrast from its January market cap of $835 billion.
Disclaimer: Crypto Club Media does not endorse any product or service mentioned on this page. Cryptocurrencies/tokens are high risk investments. This article is not investment advice nor is a recommendation from Crypto Club Media to invest in cryptocurrencies. We provide matter-of-fact information to our readers as tools to aid them in making financial decisions and we encourage readers to do thorough research before doing so. We do advise, however, that the advice of a qualified professional should be sought when making financial decisions. Readers carry full responsibility of any action taken.