Cryptocurrency seems to have started 2018 on the wrong footing with targeted restrictions, left right a center. In January, Facebook decided to ban ads related to cryptocurrency. Well, Google seems to be following suit if their update on expected restrictions as from June is anything to go by.
8 percent dip on bitcoin
On Wednesday, the prices bitcoin took an 8 percent dip following this news. This is no surprise considering that this came from the largest online ad provider. As of Wednesday 12:55 p.m ET, the price of bitcoin stood at $8,370 despite having started the day at a little over $9,000 based on Coindesk’s data.
Google and Facebook tighten the noose
According to an update on Google’s service policy, it aims to restrict any advertising on cryptocurrency and such related content as from June. Bitcoin was also a victim of the same in January as it fell 12 percent after Facebook’s announcement that it would ban initial coin offering, binary options, and cryptocurrency. Facebook took this route after concerns about what it believed to be deceptive and misleading promotional practices related to cryptocurrency.
Good news after all?
On the flipside, however, BKCM’s CEO, Brian Kelly believes that this could spell good news for the crypto world after all. He says:
It’s a good thing for the industry, Facebook and Google ads were always a red flag for me. It’s not having any impact on price.
As such, Kelly seems to have attributed the dip in bitcoin prices to other global regulatory fears that have happened in the recent past. He says:
Selling is driven by fear of another China ban, supposedly coming in next 24 hours. My view is it will be a nothing burger since China has been banning bitcoin since 2013.
Hearing on cryptocurrencies
Even as this development takes to shape a hearing on cryptocurrencies is in the offing as set by a House Financial Services subcommittee. Last week, the prices of bitcoin dropped to $9000 down from $11,000. This is majorly blamed on SEC’s statement expanding its scrutiny to include cryptocurrency exchanges coupled with news of Binance’s case of compromised accounts.
It would, however, be notable that other cryptocurrencies also felt the heat and took considerable dips in its prices. As of Wednesday 12:55 p.m ET, Ethereum, for instance, fell by about 7 percent to trade at around $642 based on CoinDesk data. Similarly, Ripple went down 7.6 percent to trade about 73 cents as per Coinmarketcap while Bitcoin cash fell 8.8 percent from the high to trade at about $981.
What do you think about Google’s move to restrict crypto ads? How will this affect the crypto community especially in terms of pricing and trades? Let us know of your views in the comments section below.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Neon Tommy via Flickr
Blockchain technology outshines Bitcoin and Gold during global pandemic
As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.
However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world.
Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.
What is blockchain technology?
Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see.
Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).
Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…
Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC
The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.
The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.
Musk’s Tweets also impacted Dogecoin’s price
Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.
He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.
But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…