Bitcoin Drops Below $7500 As Twitter Ban Takes Toll On Markets
Bitcoin fell below $7500 March 29 as new downward pressure forces prices back to almost their lowest levels since November 2017.
Continuing a depressing week for traders since Twitter confirmed it would ban cryptocurrency advertisements March 26, BTC/USD fell to $7450 on Cointelegraph’s Price Index.
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.