Reasons for Bitcoin fall?
Bitcoin is at 5-week low as the investors react negatively to Google’s ban on crypto-related advertising. Just in the last 24 hours the crypto markets evaluations have fallen to $310 billion, and yet another heavy correction brings it to just above $300 billion. But Google’s refusal to advertise crypto is not the only pressuring force. What are the other bullish factors?
It’s believed that U. S. Congressional Hearing which took place on March 14 had a certain negative impact on the situation with the crypto markets. During the hearing, many U.S. representatives voiced their concern about cryptocurrencies and advocated for regulatory measures to be introduced. The talk of the government officials of “bitcoin demise” having “few spillover effects on the real world” wasn’t received enthusiastically by the crypto community.
Another possible explanation for the recent fall in prices might be big sellers liquidating holdings on the market. Some analysts noted that Mt.Gox has sold $400 million worth Bitcoin and that this act alone could substantially influence the market. There are, however, some positive developments – a new Bitcoin Sentiment Data Feed is to be opened by Thomas Reuters, but the news, however, didn’t push the markets much.