Bitcoin Drops Below $7500 As Twitter Ban Takes Toll On Markets
Twitter’s ban on crypto advertising has initiated a sharp fall for Bitcoin, which moved below the 200-day moving average March 29.
Bitcoin fell below $7500 March 29 as new downward pressure forces prices back to almost their lowest levels since November 2017.
Major altcoins followed, Ethereum (ETH) hitting $409 at press time to extend monthly losses of over 50%.
Twitter’s move made it the third tech giant to outlaw cryptocurrency advertising in 2018, following Facebook and Google respectively. The knock-on effect on Bitcoin and altcoin prices has been tangible, with BTC/USD at its lowest point this year with the exception of a momentary dip below $6000 Feb. 6.
On social media, the price commenters continued to struggle for clarity on short-term performance, some suggesting a move back to a far longer-term trend could be both possible and “healthy” for price stability.
Well-known industry sources also remained upbeat despite the looming potential for new lows, with various participants pointing to Lightning Network advances and regulatory improvements as signs that overall Bitcoin health was stronger than ever.
At Twitter meanwhile, the ban sharply contrasts with CEO Jack Dorsey’s continued praise of Bitcoin. As Cointelegraph reported previously, Dorsey even views the cryptocurrency becoming the “single currency” of both the Internet and the world in as little as ten years.