Litecoin slides 2% to below $80, resuming decline

Litecoin fell nearly two percent, or over $1 on Thursday, rejoining the declining wave that hammered crypto assets recently after a short hiatus from losses yesterday after Facebook reversed its total ban on crypto ads. 

As of 06:08 GMT, Litecoin dropped 1.74% to $79.288 from the opening of $80.740, with a session-low at $78.409, and a high at $81.366. 

Facebook Relaxes Grip 

Facebook announced in a press release the reversal of its policy to ban ads related to cryptocurrencies such as Bitcoin, Ethereum, Ripple, Litecoin, and others, allowing some of the company's verified advertisers to run some ads for exchanges and crypto services. 

However, the social media giant asserted that stay of the ban on ads targeted to sell cryptocurrencies directly to investors and several types of specific crypto deals.

Global Officials Weigh In 

Federal Reserve Governor Randal Quarles spoke in Idaho on Wednesday, where he stated that cryptocurrencies aren't useful as real money and don't represent an important part of the economy, expressing his opposition for the Federal Reserve to issue its own cryptocurrency. 

Japan's finance minister Taro Aso said earlier this week ahead of Parliament that the future of cryptocurrency and blockchain technologies remain uncertain, and that Japanese financial authorities should intensify efforts to protects investors.