The crypto market has reportedly lost approximately $ 7 billion over the course of the last 24 hours in what it looks like a minor correction, with the Bitcoin (BTC) slipping to the $ 6,100 floor again.
On June 26, crypto assets were performing positively, following a downtrend that quoted Satoshi’s coin below the $ 5,900 threshold, and that dragged minor cryptocurrencies with it. Next, the market began a short-term recovery that seemed to be gaining momentum. However, at 15:06 UTC of Wednesday, June 27, the majority of the top 100 cryptocurrencies were unable to sustain such impetus.
The tokens that are still performing on the green side of the charts are DigiByte, Nebulas, MaidSafeCoin, MOAC, Emercoin, Kin, Monaco, Fusion, and TrueUSD. But as it has become quite of a trend, whenever the top 10 cryptocurrency behave bearish, it doesn’t take too much time for small tokens to follow their path.
Facebook failed to fuel a short-term bullish rally
Although many investors and crypto enthusiasts expected the lifting of cryptocurrency advertising ban by Facebook to trigger a short-term bearish reversal, the reality is, that the prohibition did not have any major effect on the crypto market in the first place.
Early this year, Facebook became the topic of the week among the crypto community due to an updated in its advertising policy that barred any kind of cryptocurrency ad – especially that of initial coin offerings (ICOs) – hoping to avoid being liable for any potential loss investors may run into when participating in these controversial fund-raising schemes.
At the time, analysts and experts of the crypto environment pointed at this measure as one of the major triggers for the dip in market valuation of digital currencies. But as the reversal of said policy did not have any impact on the current trend of virtual assets, it is safe to assume that, even if Facebook had not modified anything at all, the market correction was assured for all tokens.
It is worth mentioning, the new policy indicates that although crypto ads are permitted, ICO ads will remain forbidden. However, the giant of social media has left the door open for a future revision of such measure, given the right conditions, according to Facebook product management director Rob Leathern.
Now, the main question is whether or not cryptocurrencies will recover anytime soon. Looking at the charts, it is evident the low volume the crypto market is suffering from, and unless there is a spike up in the upcoming 24 hours, chances are, the bearish trend will continue its course in the short-term. Let us wait and see.