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Must-Know Updates from the Cryptocurrency Market This Week

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Mar. 15 2018, Published 7:04 a.m. ET

Top crytocurrencies by market cap

The top three cryptocurrencies (ARKW) have fallen in the past 24 hours. Bitcoin was down about 3.8% and was trading at $8,785.5, while its market cap stood at $148 billion. Ethereum slumped 4.7% and was at $663.4, and its market cap was at $65 billion. Ripple was also down 3.6% at $0.76. Its market cap was at $29 billion. The overall market cap of all the cryptocurrencies together stood at $356 billion, less than in the past week when cryptocurrencies touched recent highs.

With the slump in the price of bitcoin, its RSI level has also fallen to 40. An RSI reading above 70 could indicate a potential downward reversion in price, while a level below 30 is an indicator that the price may rebound. The volatility in bitcoin was at 74.3%.

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Best and worst performers

Among the top performers for the day were binance coin, NEM, and power ledger. They were up 20.5%, 8.2%, and 7%, respectively, while the worst performers for the day were particl, nexus, and byteball bytes, which stumbled 18.8%, 12.8%, and 12.1%, respectively.

News update

In a move to safeguard consumers against harm from cyber attacks, Google (GOOGL) announced it will ban all cryptocurrency-related advertising starting in June 2018. This move was made after the annual “bad ads” report, which led to over 3.2 billion ads being taken down in 2017. Facebook (FB) also made a similar move in January.

Recently, Shaktikanta Das, a vital member of the Indian finance ministry mentioned that regularizing cryptocurrencies is extremely difficult, and thus the government should seek a blanket ban on digital currencies. This disdain for cryptocurrencies from Indian regulatory authorities is not new. 

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