Bitcoin Price Tanks As Bears Take Charge Of Crypto Markets

There was not much respite for cryptocurrency markets this morning. Crypto prices, which began falling yesterday after news that social media platform Twitter would ban crypto ads, continued to tank.

At 15:17 UTC, crypto markets had a total valuation of $301.4 billion. Exactly a day earlier they were priced at $319 billion. The price of a single bitcoin fell to a low of $7767.86 this morning before recovering. As of this writing, it was trading at $8050.21, down 1.08% from its price 24 hours ago.

The slide in cryptocurrency markets is surprising, given that Twitter’s ban was widely expected. The platform’s CEO Jack Dorsey is also a crypto enthusiast. In a recent interview with the Sunday Times, he predicted that bitcoin would become a global currency within the next decade. Dorsey’s other venture, fintech company Square, also supports bitcoin trading on its app.

Among the top 10 cryptos, ethereum was the biggest loser, as of this writing. The cryptocurrency was trading at $457.02, down by 6.66% from its price 24 hours ago. In a recent blogpost, ethereum’s co-founder Vitalik Buterin suggested asking for a rent fee that varies on how long a user’s data remains accessible on a public blockchain might be an alternate mechanism for crypto platforms to raise funds.

The other big loser was Litecoin, which fell by as much as 10% before recovering. It has taken heat from investors for shutting down its payments app venture barely a month after announcing a proposed launch date. The app’s announcement resulted in a surge for Litecoin’s prices last month. But Kenneth Asare, LitePay’s CEO, had precious little to offer by way of details about the app during a recent Reddit AMA.

What’s more the Foundation’s statement announcing the app’s closure states that he asked for more funds to complete the project. Litecoin founder Charlie Lee also apologized on Twitter.

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Finally, Cardano’s Ada is the biggest loser since the start of this year,. But the platform’s founder is busy seeing signs of support among trees in Greece.

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