>> The new year attack on BitCoin gained momentum Thursday with the world's largest cryptocurrency falling below $9,000 for the first time since November. The latest reason to dump BitCoins? Investors are digesting a Facebook announcement this week that its two billion plus global users won't be seeing BitCoin or cryptocurrency advertisements when they go on the world's largest social network.
And it's not just public companies that are stepping up the attack. India has described all cryptocurrencies as nothing less than a ponzi scheme. And its finance minister has vowed to use all his regulatory power to get rid of crypto assets in financing criminal activities, and prevent them from being legitimized in the country's payment systems.
The notoriously volatile trading of BitCoins has been largely one sided since the start of the year, sliding 26% in January. The once beloved asset is worth less than half the peak value of $20,000 hit in December.