The value of cryptocurrencies have seen a steep drop over the past 24 hours with nearly all of top coins wading in the red.
According to market resource, CoinMarketCap, bitcoin continues on its downward trend after losing the $9,000 support back on May 11. After trading at $8,500 on Wednesday morning, the popular cryptocurrency dipped back to $8,100 at 11:09 a.m. UTC. Since then, it has recovered and is exchanging at $8,354 as of press time, suffering a loss of over 1% over the last 24 hours.
Ethereum (ETH) is at $705, with a 0.18% loss over the last 24 hours.
Bitcoin Cash (BCH) is down almost 5% over a one-day period, trading at $1,282 at press time. Yesterday, BCH enforced a hard fork that raised its block size from 8MB to 32MB and reactivated Bitcoin script operation codes (Op codes) – an upgrade, which has so far botched to generate a positive effect on the market price.
The decline in crypto markets also runs parallel with the recent call by Microsoft-owned search engine Bing to join the ranks of other internet behemoths in banning cryptocurrency-related ads from its network starting in July 2018.
Cryptocurrencies also came under criticism from European financial authorities. European Central Bank (ECB) board member Yves Mersch said that banks should “segregate” their transactions in cryptocurrencies from other dealings, saying high volatility of crypto markets and noting that digital tokens “do not qualify as money.”