The cryptocurrency markets are once again treading on shaky volumes as the total market capitalization has dropped to $245.9 Billion at the moment of writing this. The current value is approximately $8 Billion shy of the market capitalization levels 24 hours ago. This drop in value has also seen the King of Crypto, Bitcoin (BTC), trading at the current levels of $6,115 and down 1.42% in the last 24 hours.
June 26th Total market cap levels of $253.7 Billion. Source, coinmarketcap.com
Bitcoin (BTC) had been enjoying comfortable levels above $6,200 only yesterday, June 26th. The chart below illustrates the tumultuous market activity of BTC in the last 7 Days with yesterday’s levels being highlighted.
7 Day market performance of BTC. Source, coinmarketcap.com
Many crypto-traders and enthusiasts had expected the news of Facebook easing down on its earlier total ban of crypto related ads on the platform, to increase investor confidence and further upward movement in the values of all digital assets. Facebook has reinstated particular ads on its social media platform. The platform has introduced an application process for any firm wishing to run crypto ads. This way, crypto projects and companies can prove their legitimacy including any licenses they have obtained, trading information and other relevant information that might be required.
However, ads promoting binary options and ICOs are still banned on the platform.
The Facebook online application clearly states that:
Please note, we reserve the right to deny any application or withdraw eligibility at any time without notice. Eligibility may be subject to such conditions and restrictions as Facebook may decide. Advertising must comply fully with all applicable terms and policies, including the Facebook Advertising Policies. Facebook may review and reject ads in its sole discretion.
Another reason for the decline in the crypto-markets could be that we are yet to reach a bottom with BTC. Analysis by veteran digital asset analyst, Willy Woo, had indicated that the price of Bitcoin (BTC) would test levels below $6,000 before any signs of recovery can be seen in the markets. In particular, Mr. Woo had highlighted the levels between $5,500 and $5,700. BTC recently reached levels of $5,800 on Sunday the 24th of June.
This then implies that we could be headed towards a few more days or even weeks of crypto market uncertainty with bouts of sporadic decline. But one thing is common with all the analysis being put forth in the crypto-verse: that a market recovery is eminent this year.