After a spectacular bull run in 2017, sentiment for Bitcoin appears to have switched this year. The price of the cryptocurrency went down by 40 percent in 2018, 20 percent of which was lost in a span of three days.
A bear market was among the many considerations when investors bought the cryptocurrency. However, the price free fall currently being experienced by the digital currency market can be attributed to a number of factors none of which are economic in nature.
Last month, the news that South Korea is looking to ban crpytocurrency exchanges triggered a massive sell off that slashed a massive chunk off cryptocurrency prices. While the country – one of the biggest market for digital currencies – revealed that they are not planning to prohibit trading cryptocurrencies, they are considering a total ban on exchanges operating in the country.
A second blow was delivered to Bitcoin and other cryptocurrencies after Facebook announced that they will be banning any and all cryptocurrency -s. This is in order to stem the rise of shady companies looking cash in on the crypto-craze by releasing unscrupulous cryptocurrencies or investment schemes involving such currencies. The ban affects promotions for crypto-exchanges, initial coin offerings (ICO), anything connected to digital currencies, even those from legitimate companies.
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