Bitcoin Falls as Cryptos Turn Bearish
Bitcoin was lower on Wednesday, as cryptocurrencies continue to turn bearish.
Digital coins have fallen in recent weeks amid increased concern over security and regulatory concerns. Bitcoin was trading at $6,101.10, falling 1.72% the Bitfinex exchange, as of 8:31 AM ET (12:31 GMT), not far from a four-and-a-half month low of $5,787 on Sunday, its lowest price so far in 2018.
The virtual coin has fallen more than 70% from its December high of just below $20,000.
Cryptocurrencies overall decreased, with the coin market cap of total market capitalization falling to $245 billion at the time of writing compared to $253 billion on Tuesday.
Ethereum fell 3.89% to $432.03 on the Bitfinex exchange. Ripple , the third largest virtual currency, dipped 3.78% to $0.46040 while Litecoin was at $78.33, down 3.23%.
Meanwhile Facebook (NASDAQ:FB) is reversing its cryptocurrency advertisement ban and will allow some pre-approved advertisers to promote crypto services. The social media site banned virtual coin ads in January, citing the need to prevent people from “deceptive” practices. However ads for initial coin offerings are still banned.
In other news, Apple (NASDAQ:AAPL) co-founder Steve Wozniak warned on Tuesday that blockchain and cryptos could be a bubble, but that the technology has potential.
“It was a bubble, and I feel that way about blockchain,” Wozniak said at the NEX technology conference in New York.
Interest in Bitcoin could increase by double in Europe, a survey from Dutch bank ING found. The poll attempts to measure awareness of digital coins by interviewing 15,000 respondents in Europe, the U.S. and Australia.
The poll found that while the ownership of virtual currencies is only about 9%, around 25% expect to buy a cryptocurrency in the future.