Bitcoin was able to regain its momentum on Monday after its value nose dived during the weekend. It was on a March 18, Sunday, when the price of bitcoin plunged to a low of $7,397 – a five week low for the digital currency. The next day, Bitcoin was able to regain its strength when it reached a value of $8,360.
Besides bitcoin, a slew of other digital currencies followed an upward trend. Specifically, ten of the top ten critical cryptocurrencies by market cap saw its value climb to more than 4 percent. Namely, Ethereum and Tron gained 10 percent, while Eos garnered 20 percent. Qtum also saw a 37 percent boost. The price increase is a welcome change after last week’s chaotic tumble brought on by Google’s announcement that it will no longer entertain cryptocurrency ads beginning June of 2018. According to the search giant’s sustainable ads director, Scott Spencer, the move was made to protect all of Google’s users from becoming victims of fraud. Spencer explained that the future of cryptocurrency is unpredictable, however, a good number of consumer harm so far reported is sufficient evidence that cryptocurrencies need to be dealt with using extreme caution.
Mt Gox trustee, Nobuaki Kobayashi, denied accusations that his large-scale selling of cryptocurrency caused the decline in price of bitcoin. Kobayashi was able to sell $400 million of bitcoin as well as bitcoin cash after the bankruptcy of the crypto exchange. He reiterated that no “negative pressure” was applied on the price of bitcoin.
Despite the rumoured ban Twitter is set to impose on crypto-related ads, its owner, Jack Dorsey, offers his full support on bitcoin as seen by the unwavering financial support he is providing Lightning Labs, a blockchain startup based in Silicon Valley that aims to quicken the time it takes to transact using bitcoin.