Today is February the 2nd, and the cryptocurrency market is also operating down. Everything is red. All the market has been shacked by FUD news like the Tether funds, India banning cryptocurrencies, Facebook prohibiting cryptocurrency and ICO adds. Because of it it has reached levels seen several months ago. We passed from ‘to the moon’ to ‘to the ground.’ In one month and a half.
Facebook Bans Cryptocurrency and ICO adds
With the intention of stopping scammers, Facebook will ban all ads that promote cryptocurrencies and ICOs. With the hype that cryptocurrencies and ICOs had during the last years, scammers tried to enter the market. Several ICOs were created in order to steal funds of investors. No institution regulated the market online, creating the best place for stealers to operate.
The information is explained in a blog post released by Facebook:
“This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices, and enforcement will begin to ramp up across our platforms including Facebook, Audience Network and Instagram. We will revisit this policy and how we enforce it as our signals improve.”
But this does not mean that Facebook or Mark Zuckerberg are against cryptocurrencies. At CoinStaker we wrote that Mark Zuckerberg was analysing the possibility to learn about cryptocurrencies and Blockchain to ‘fix’ Facebook.
False India Cryptocurrency Ban Caused the Cryptocurrency Market to Crash
Different important news sources have been saying that the Indian government may ban cryptocurrencies. But this was not a real information. The markets crashed yesterday and today due to this information.
The Finance Minister of India, Arun Jaitley commented about that:
“The Government does not consider cryptocurrencies legal tender or coin and will take measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system. The government will explore use of Blockchain technology proactively for ushering in digital economy.”
But the government is not planning to ban cryptocurrencies as a daily means of payment or for investors. The Finance Minister explains that the intention is to avoid illegitimate activities, as several other countries. Singapore has taken a similar approach to cryptocurrencies and it’s one of the friendliest countries towards the cryptocurrency market.
Bitfinex and Tether Subpoenaed by the CTFC
The cryptocurrency exchange Bitfinex and the cryptocurrency Tether, have received a subpoena from the United States Commodity Futures Trading (CFTC). The subpoena has been received on December the 6th 2017 and now, Bitfinex and Tether are being audited.
Tether is a cryptocurrency that is backed by dollar reserves, according to the company. But the main problem is that it has never proved that they have these funds. That’s why now they have called an auditor to analyse the situation of this cryptocurrency.
In sum, the market has lost half of its value since it reached all time highs. At the moment, the market is operating down for almost every single cryptocurrency. Bitcoin reached lows that didn’t touch since months ago ($7,500 dollars) and now it has bounced up to $9,000.
The market was ready to reach $1 trillion dollars, arrive at the moon and now we are just in the ground ready to get impulse and reach new all time highs.
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Tags:bitcoinBitfinexBlockchainBlockchain TechnologyBTCBubbleCrashCryptocurrenciesCryptocurrency ExchangeCryptocurrency MarketCryptocurrency Market CrashDipFacebookFacebook BanICOIndiaIndia BanInitial Coin OfferingsMark ZuckerbergTetherUSDTWhy did the market Crash