Here’s Why Bitcoin and Other Cryptocurrencies Are Down Today

Bitcoin (BTC-USD) and most other major cryptocurrencies are falling on Wednesday, with bitcoin, Ethereum, Ripple, bitcoin cash, and Litecoin all in the red. There are two particular negative news items that could be weighing on the market today; here are the details.

Today’s cryptocurrency prices

As I mentioned, the cryptocurrency market is largely negative today. Of the top 10 cryptocurrencies by market capitalization, all but one, NEM (XEM-USD), are down on Wednesday.

Of the top 10, NEM (XEM-USD) is the only one rising today, continuing a multiday rally. In fact, the digital currency is up by more than 43% over the past week on news that the Coincheck exchange has begun reimbursing customers affected by January’s massive NEM-specific hacking incident.

Google bans cryptocurrency ads

About a month ago, Facebook announced a new policy banning cryptocurrency and initial coin offering (ICO) advertisements, and Google is now following in its footsteps.

On Tuesday, Google announced that it plans to ban ad content “including but not limited to initial coin offerings (ICO), cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice.” The restriction takes effect in June and will extend to all of Google’s ad platforms.

Source: TheMotleyFool

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