Another drop is in the books. After falling to $8,500 yesterday from its previous mark of $8,800, bitcoin is once again stumbling down the staircase and is now trading for $8,300 – just a sliver above last week’s low of $8,250.
The Coindesk Consensus Conference – which potentially gave bitcoin a boost over the last 72 hours – ends today, and it appears the hype it garnered for cryptocurrency is ending with it.
No doubt, most investors are annoyed with bitcoin’s lack of strength against its newfound resistance. Many analysts now wonder if the currency will drop back down to the $7,000 range, which it last skimmed in March.
One of the alleged reasons for the recent drop may be Bing’s recent ban of cryptocurrency ads. Powered by Microsoft, Bing is the world’s second-largest search engine behind Google, and apparently doesn’t see safety in cryptocurrency usage. The platform made the announcement on its Bing Ads blog, and expects the ban to be fully integrated by either late June or early July.
Advertising policy manager for Microsoft Melissa Alsoszatai-Petheo explained:
“Because cryptocurrency and related products are not regulated, we have found them to present a possible elevated risk to our
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