Cryptocurrencies has been a hot topic of discussion for quite some time now. With increase in the use of digital wallets, consumers are looking forward for more options available for them in the digital currency. Bitcoin which is one of the most favored cryptocurrency briefly experienced a fall in its value. The Bitcoin cryptocurrency recently saw a low value of $7600 due to the ongoing difficulties experienced in the market.
Recently Indian Finance Minister Arun Jaitley banned the Cryptocurrency following the announcement of Indian Budget 2018. With this ban on the Cryptocurrencies like Bitcoin, the market value of these coins have seen a tremendous downfall.
As per the reports from Beebom, Bitcoin cash saw a record low of 27 percent whereas Ethereum and Ripple saw a low 32 percent and 38 percent respectively however the Cryptocurrencies recovered somewhat from the losses by the end of the day.
The reports further suggests that Bitcoin ended at over $8000 on Friday and it was first time in a long time that the leading Cryptocurrency Bitcoin hit a low of $8000 since November 24. Further reports from CoinMarketCap suggests that Friday's downmarket for the Cryptocurrencies took away $115 bn from the Cryptocurrency market, which really comes as a surprise for the consumers.
The digital currency segment is led by Bitcoin, which has been one of the most popular cryptocurrency in the market. It was a new trend where consumers jumped on the Crypto trade bandwagon which eventually increased the digital wallet and currency usage.
However, the risks associated with cryptocurrency investments is also high with several hackers having use the criminal elementsto take away the investment made by people involved in this trade. Moreover there is no other way to get back the digital assets which are lost and used by the hackers. However some more clarity on cryptocurrency from the government would be really appreciated.
Recently the social networking site Facebook also banned the advertisements for cryptocurrency including ICO (Initial Coin Offerings) etc as "intentionally broad" policy against the misleading marketing. The effect of the ban was also seen on Facebook's other platforms including Instagram, Audience Network and Messenger.