Bitcoin, Ethereum, and Ripple have been smashed despite Google reversing its advertising ban

Unfortunately for traders the crypto market’s poor start to week has got even worse over the last 24 hours. This morning the market is a sea of red and not a single coin inside the top 50 is in positive territory.

Unsurprisingly, this has led to the value of the entire market dropping meaningfully over the period. At present the market is worth an estimated US$208.9 billion according to Coin Market Cap, down 5.5% since this time yesterday.

Cryptocurrencies have been in selloff mode this week despite positive news breaking overnight.

According to CNBC, search engine giant Google is reversing part of its ban on cryptocurrency-related advertising and will soon allow regulated crypto exchanges to advertise in the United States and Japan. The advertising of initial coin offerings (ICOs), wallets, and trading advice are still not allowed.

This new policy is expected to start next month and follows similar changes made at Facebook in June.

While this could be a positive for the market and lead to higher trader numbers and support prices, it hasn’t been enough to stop the market from sinking lower today.

Here is the state of play this morning compared to 24 hours ago:

The Bitcoin (BTC) price is down 3.5% to US$6,399.14 per coin. This leaves the crypto giant with a market capitalisation of US$110.6 billion.

The Ethereum (ETH) price has tumbled 7.8% to US$214.99 per token, reducing the alt coin’s market capitalisation to US$22 billion.

The Ripple (XRP) price continues to give back recent gains and is down a further 8.2% to 47.44 U.S. cents. This leaves XRP with a market capitalisation of US$18.9 billion.

The Bitcoin Cash (BCH) price is off 6.5% to US$436.73, leaving the Bitcoin offshoot with a market capitalisation of just under US$7.6 billion.

The EOS (EOS) price has fallen 6.1% to US$5.37 per token. This gives EOS a market capitalisation of just under US$4.9 billion.

Outside the top five things were equally disappointing. Stellar (XLM) is off 7.7%, Litecoin (LTC) is down 1.5%, Tether (USDT) has fallen 0.4%, Cardano (ADA) has dropped 7%, and Monero (XMR) is 2.2% lower.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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