The prices of cryptocurrencies have been falling fast recently, as you can see from the picture below. With the exception of DigixDAO, all currencies are in red in the last 24 hours.
But what is causing this massive decline in prices. Well, I know at least of the following three reasons.
1. Google is banning all crypto and ICO related ads
This is one shocking decision by Google [1]. The ban will start from June 2018. Some ICOs are scam, sure, but targeting even the legit ICOs is a bit too much, in my opinion. Are Google scared that decentralized based search engines will take over Google? It looks like it to me. Moreover, Google is not the only tech giant to do so. Recently, Facebook also did the same [2].
2. IMF
Like big high tech companies, Bankers are also afraid of cryptocurrencies, as is quite evident from IMF chief Christine Lagarde's call to control cryptocurrencies [3], saying that cryptos are a potentially new vehicle for money laundering and terrorism financing.
3. G20 meeting
And last but not the least, Governments are also scared of cryptocurrencies, as in the next week's G20 meeting, Japan will urge other G20 members to make an effort to prevent money laundering through cryptocurrencies [4].
Now, all of the three above reasons have caused a massive FUD, which has in turn caused large scaled panic selling, thus bringing the prices of cryptos down. There could be other reasons as well, which I am unaware of. If you know any, please let us know.
References
[1].https://cointelegraph.com/news/google-to-ban-all-crypto-related-ads-starting-june-2018
[2].http://www.bbc.com/news/technology-42881892
[3].https://www.theguardian.com/technology/2018/mar/13/imf-christine-lagarde-calls-bitcoin-crackdown-cryptocurrencies
[4].https://www.cnbc.com/2018/03/13/g20-meeting-japan-to-prevent-cryptocurrencies-for-money-laundering.html
Just last month, Facebook announced a new policy banning cryptocurrency and initial coin offering (ICO) advertisements, and Google seem to be now following in its footsteps.
The way the google and facebook imposed ban on cryptos add reveals they accepted their defeat against crypto. Let us see when crypto cover the major market or otherwise
Yes man. Hopefully, decentralization is the future!
I believe this all kicked off with the Binance hacking issue and the Japanese suspending two crypto exchanges.
I think the things you mentioned above were what drove things down further. And I wouldn't be surprised if there were other factors.
Yes man, so many FUDs nowadays. I hope Bitcoin becomes FUD proof, LOL!
It's a war that started a long time ago, now we only seeing it more clearly....