Bitcoin skids to two-month low after Facebook ad ban unnerves investors

Bitcoin, the world’s largest cryptocurrency, skidded 11 percent on Thursday to its lowest since late November, as a Facebook ban on cryptocurrency adverts and a growing regulatory backlash against the nascent market frightened investors.

Thursday’s drop to as low as $9,022 on the Luxembourg-based Bitstamp exchange BTC=BTSPleft bitcoin trading at less than half the peak price of almost $20,000 it reached in December. It slid more than 26 percent last month, in its worst monthly performance since January 2015.

Other cryptocurrencies, including Ripple, the third-largest by market value, and Bitcoin Cash, have also racked up double-digit declines in the last 24 hours, according to Coinmarketcap.com, which tracks the industry. Ethereum was up slightly on the day.

Last year’s explosive rise in the value of digital coins and the flood of new retail investors drawn to the market have rattled global regulators nervous about a sector used largely for speculation.

Source: Reuters

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