The cryptocurrency markets are once again treading on shaky volumes as the total market capitalization has dropped to $245.9 Billion at the moment of writing this. The current value is approximately $8 Billion shy of the market capitalization levels 24 hours ago. This drop in value has also seen the King of Crypto, Bitcoin (BTC), trading at the current levels of $6,115 and down 1.42% in the last 24 hours.
The failure to capitalize on early signs of short-term bullish reversal has shifted risk in favor of a break below the $6,000 mark (February low).
Even if a drop in prices is seen, bitcoin could still outperform other cryptocurrencies, as a break below $6,000 could trigger risk aversion in the markets, forcing investors to venture out of high-risk alternative cryptocurrencies and into bitcoin.
Many crypto-traders and enthusiasts had expected the news of Facebook easing down on its earlier total ban of crypto related ads on the platform, to increase investor confidence and further upward movement in the values of all digital assets. Facebook has reinstated particular ads on its social media platform.
The platform has introduced an application process for any firm wishing to run crypto ads. This way, crypto projects and companies can prove their legitimacy including any licenses they have obtained, trading information and other relevant information that might be required.
However, the Facebook online application clearly states that:
Please note, we reserve the right to deny any application or withdraw eligibility at any time without notice. Eligibility may be subject to such conditions and restrictions as Facebook may decide. Advertising must comply fully with all applicable terms and policies, including the Facebook Advertising Policies. Facebook may review and reject ads in its sole discretion.
Considering that the Facebook case will have no impact on the cryptocurrency market in any way in the short-term, the trend of digital assets will solely rely on the state of the market.
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