Crypto struggles between Twitter ban and blocking of LitePay.
The value of Bitcoin and other cryptocurrencies has decreased of late, amidst the news that Twitter is banning all ads on cryptocurrency and that Litepay has stopped working.
Bitcoins’ value has not managed to recover early year losses. The currency has not been able to rise back up after it fell to $6,000, having previously reached a peak of $20,000 at the beginning of December.
Bitcoin Live Chart
LitePay Collapse
Litecoin has experienced an 11.48% fall, and now has a value of $120.46, after Litepay suddenly terminated activities only a month after its launch in February. The Litecoin foundation, which is in charge of Litecoin development and invests in Litepay, has said that the Deputy Administrator Kenneth Asare told the company that activities would cease and that he was trying to sell the company.
The Litecoin Foundation has apologised to traders on its website:
“We are greatly disheartened that this saga has ended in this way and we apologise for not doing enough due diligence that could have uncovered some of these issues earlier,” the statement continued. “We are currently working hard to tighten our due diligence practices and ensure that this does not happen again.”
Crypto Ad Ban
In other news, Twitter has followed rivals Facebook and search engine giant Google in banning ads for cryptocurrency. The social network has been considering this move for a while, but the official announcement came this week in a blow to the major players. This new policy will be put into action in the next 30 days and will affect exchange platforms which do not belong to the biggest stocks on the market.
Other leading cryptocurrencies are also in decline. For example, Ethereum, the second most important cryptocurrency in the world in terms of market capitalisation, has seen a 9.34% fall and is now worth $414.24 on Bitfinex. Ripple, the third main cryptocurrency, is down to $0.546442 in what is proving to be a tough period for digital currencies.