The rate of the first cryptocurrency fell to $7940. Altcoins sank even more. NEO fell to the lowest level since the beginning of the year, while Ethereum updated its three-month low.

Yesterday's official announcement from Google about the ban on cryptocurrency-related advertising, including ICO-projects and crypto-exchanges, returned the bearish trend to the cryptocurrency market. Bitcoin lost 14%, dropping below $8,000.

"In June 2018, Google will update the Financial services policy to restrict the advertisement of Contracts for Difference, rolling spot forex, and financial spread betting. In addition, ads for the following will no longer be allowed to serve:

  • Binary options and synonymous products,
  • Cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice)."

Altcoins traditionally demonstrated an even sharper fall. Thus, Ethereum declined to $591, and NEO fell to $67.7, Litecoin returned to $156.

The most drastic drop was shown by NEM tokens, which jumped sharply at the beginning of the week amid positive reports of compensation payments from the Tokyo-based crypto-exchange CoinCheck to victims of the hacker attack. Within the last 24 hours, NEM dipped by 32% and returned to $0.349225.

The total Capitalization of the cryptocurrency market fell to $312 billion. The bitcoin domination index continues to grow and currently stands at 42.5%. As previous correction cycles showed, investors prefer to transfer assets from altcoins to bitcoin and fiat, fearing further market fall.

This week, a team of Goldman Sachs analysts in their newsletter to investors predicted a drop in the bitcoin price up to $5,922. Other support levels for bitcoin are $7,667 and $7,198, experts believe. The market will be able to overcome the bearish trend if it consolidates above $9,322.