After reaching a record high of $19,511 on Dec. 18, Bitcoin has lost more than half its value as the token has been weighed down by expectations of more government oversight globally, fears of price manipulation, the susceptibility of exchanges to hacking and lingering concern that it’s all just an asset bubble. Facebook announced a ban on cryptocurrency ads this week.
“Bitcoin is declining on the Facebook ban on cryptocurrency ads, which occurs amid a regulatory backlash, putting investors even more on edge,” said Ron Chernesky, chief executive officer of trading platform InvestFeed Inc.
Bitcoin tumbled to as low as $8,449, the least since November, in part on concern India may crack down on cryptocurrencies. That follows a spate of recent negative headlines, including a $500 million heist last week from a Japanese cryptocurrency exchange.
“News about India potentially cracking down on cryptocurrencies added to an already bad week in terms of headlines,” said Andrew Se, cryptocurrency trader and co-founder of research website Cryptoprofile.com. “We’re still correcting as the rally had gone too far.” […]