Globally the largest crypto by market value sank to levels below $7000 in morning trade in Asia today. The digital token fell to levels as low as $6,912 after rebounding in trade to $7,094 as on 7:50 am in HongKong.
Bitcoin which surged to a whopping $20,000 levels on some of the international exchanges in December 2017 lost close to 50% in value in 2018. The currency breached the $7000 levels earlier in February. Meanwhile, other altcoins including Ripple, litecoin slumped even more in contrast.
The major reason for this fall in value of these cryptos is being attributed to the mounting regulatory clampdown on the industry. Also various social media platforms such as Google and Facebook are doing away with crypto ads for initial coin offerings on fear of huge losses. Twitter on Monday confirmed to ban such ads on its platforms.
The erosion in value of bitcoin of 50% so far this year is the biggest quarterly decline since the year 2011.