Ethereum Registers a Sharp Decline, Corrects More Than $100 (15%) in Just 24-Hours

In the past 24-hours, one cryptocurrency that has suffered some major woes in this correcting market is Ethereum. The cryptocurrency has corrected by more than 15% and has registered a $100 fall in price. Ethereum, which was trading at more than $600 24-hours back, is now trading at just $02, at the press time.

The overall market cap of Ethereum has now slipped $50 billion at this time. Crypto markets started correcting significantly after Google announcing its decision to ban crypto ads on all of its platforms starting this June onwards. Analysts said that Google’s stricter policies of advertisements will have a considerable effect on cryptocurrencies and Initial Coin Offerings (ICOs).

The tech giant said: “This year, we updated several policies to address ads in unregulated or speculative financial products like binary options, cryptocurrency, foreign exchange markets and contracts for difference (or CFDs).

“We also updated our gambling ads policies to address new methods of gambling with items that have real-world value (eg, skins gambling).”

Google reasoned its decision by saying that it had detected an increasing number of malicious ads and phishing scams behind the clickbait ads. The company said that it has removed 7000 AdWords accounts in the last year. The company removed 3.2 billion ads last year which were seen violating its policies.

Analysts have backed this move from Google saying that it will give more room and space for genuine and quality schemes to emerge.

The overall crypto market is looking to be quite dizzy at the moment and has corrected significantly over the past two weeks. Bitcoin, which grabs a major share of the market, has been on a continuous sideways movement and has now slipped below $8,000. Also, the overall cryptocurrency market cap is now below $300 billion.

Ethereum kicked off the year 2018 on a very good note trading above $1,300 at the start of January. The cryptocurrency has now corrected by more than 50% in value.

Many crypto backers still continue to remain bullish on the future of Bitcoin and cryptocurrencies in general. PayPal co-founder recently made it clear that he is going long on Bitcoin and compared it to good calling it as the next digital asset.

It remains to be seen as to how things take shape ahead, but for now, the overall scenario looks a bit gloomy.