The cryptocurrency markets have been lethargic lately. The major cryptos have been consolidating and trading within a range. Some big news recently pushed prices down to a critical level. On Monday, March 26, the social media company Twitter (TWTR  ) announced it would ban crypto ads beginning the next day. The news sparked a selloff of the crypto markets to a market capitalization of around $300 billion, where it has since hovered. Also on March 26, news broke that South Korea's biggest conglomerates are entering the crypto markets. However, it does not seem that prices have reacted positively.

Following in the footsteps of tech giants Facebook (FB  ) and Google (GOOG  ), Twitter has decided to ban crypto ads in order to make the Twitter platform safer for users. In a move that will take place over the next month, ads for initial coin offerings (ICOs) and token sales will be prohibited globally. Ads for wallet services and crypto exchanges will also be banned.

It is feasible that the markets have overreacted to Twitter's press release. Facebook's and Google's search volume dwarf Twitter's. There is no conclusive evidence that crypto newcomers are introduced via social media advertising. Also, a large number of Twitter ads have been fraudulent, as scammers try to impersonate well-known public figures like Elon Musk and Vitalik Buterin. The scammers typically post comments below a tweet, asking for a donation and promising to triple the proceeds in return, though really funds sent to scam addresses are not returned. Some scammers have even recruited bots to help portray the scheme as legitimate. There is no doubt that Twitter is are better off without opportunistic scammers.

Meanwhile, South Korean conglomerates are gearing up for crypto. NHN Entertainment Corporation, the largest South Korean entertainment company, has reported that it helped fund the OKCoin exchange in China and will help launch OKCoin Korea. OKCoin Korea is slated to open soon and will feature 60 pairings of crypto with Korean won, expanding the menu of altcoins. Kakao, South Korea's largest Internet firm, has been in talks with regulators about expanding Upbit and creating its own ICO after launching the Upbit exchange last October. Nexon, the country's largest gaming company, announced that it began in crypto and blockchain startups. SK Telecom, the largest telecommunications firm, invested in the Korbit exchange alongside Nexon and venture capitalist Tim Draper. Upbit will soon launch a crypto market index. The South Korean news should be a boon to crypto holders because it suggests that South Korea is once again becoming crypto's biggest and friendliest national market.

Unfortunately, prices have reflected the bearish Twitter news, but not the bullish South Korean news. Bitcoin (BTC) slipped under $8,000 on Coinbase/GDAX yesterday and today. Ethereum (ETH) fell to just under $460. Ripple (XRP) slipped under $0.60, Bitcoin Cash (BCH) tumbled under $900, and Litecoin (LTC) dropped under $140. Even as BTC increases its market capitalization dominance to an impressive 44.7%, it continues to feel downward pressure. Altcoins generally go into the red more, as BTC is a safe haven for crypto. Technically, the majors are under the 200-day exponential moving average, and daily volume remains below average, both bearish signs. As the majors continue to range, it seems that only strong news that changes the fundamentals will be able to move price in a meaningful way.

The author owns a small amount of BTC and LTC.