Reuters claims Bitcoin Slides as Facebook Ad Ban, India Clampdown Unnerve investors.

Bitcoin, the world’s largest cryptocurrency, skidded 11 percent on Thursday to its lowest since November, as a Facebook ban on cryptocurrency adverts and a growing regulatory backlash against the nascent market frightened investors.

Officials have said cryptocurrencies are used by criminals to launder money. India, which has likened the market to a Ponzi scheme, on Thursday vowed to eliminate their use..

The Indian finance minister said his government would take “all measures” to remove crypto-assets in “financing illegitimate activities or as part of the payment system”, Arun Jaitley told parliament.

Facebook said in a post on its website this week that it was banning all advertising that “promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency”.

It was not clear whether the ban would affect all cryptocurrency adverts on the social media site. Facebook could not immediately be reached for comment.

Don't Blame India or Facebook

I am reading lots of Tweets and article today all blaming India. The HOLDLers see another "last chance" to buy under $10,000.

India and Facebook have nothing to do with this. Think of all the reports of crackdowns in China, South Korea and other places that did not matter one iota.

What is happening?

Sentiment Changed

Sentiment towards cryptocurrencies is turning sour with negative headlines pouring out from left, right and center,” said Fawad Razaqzada, an analyst at FOREX.com.

That's close but backward. The real story is attitudes changed and media picked up on it.

Where Next?

Given the preposterous run-up in cryptos, the crash rates to be spectacular.

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