Crypto update: Bitcoin (BTC), Ripple (XRP), and Cardano (ADA) crushed

Unfortunately for cryptocurrency traders the crypto market has had 24 hours to forget with heavy declines being seen across the board.

This has reduced the entire value of the crypto market to US$304 billion according to Coin Market Cap, down over 8% since this time yesterday.

This biggest drag on the entire market has of course been the performance of the bitcoin (BTC) price. It is down 7.6% over the last 24 hours to US$7,986 per coin, leaving it with a market capitalisation of US$135.3 billion. This equates to approximately 44.5% of the entire market, the highest level since last year.

The Ethereum (ETH) price has fallen almost 9% during the period to US$481.78. Ethereum has seen its market capitalisation fall to US$47.4 billion.

The Ripple (XRP) price has dropped 8.5% over the last 24 hours to 59.3 U.S. cents. This leaves the popular altcoin with a reduced market capitalisation of US$23.2 billion.

Bitcoin Cash (BCH) has seen its price fall 8% during the last 24 hours to US$902.81 per token, reducing the bitcoin spin-off’s market capitalisation to US$15.4 billion.

The Litecoin (LTC) price is the worst performer in the top five with a decline of over 9.5% since this time yesterday to US$146.09, giving the altcoin a market capitalisation of US$8.15 billion.

Outside the top five the declines were even heavier with the likes of Cardano (ADA), EOS (EOS), NEO (NEO), and IOTA (MIOTA) all making double-digit declines over the last 24 hours.

Why is the crypto market crumbling?

Today’s decline is related to an announcement out of Twitter that reveals that the social media platform plans to follow in the footsteps of Facebook and Google by banning cryptocurrency advertising.

A Twitter spokesperson told CNBC that: “We are committed to ensuring the safety of the Twitter community. As such, we have added a new policy for Twitter Ads relating to cryptocurrency. Under this new policy, the advertisement of Initial Coin Offerings (ICOs) and token sales will be prohibited globally.”

Previously the crypto market has bounced back strongly after the Facebook and Google announcements, time will tell if it does the same this time.

I think the prudent thing to do at this stage would be to wait and see how the market responds. In the meantime I would be buying these top tech shares with enormous long-term growth potential.

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