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Bitcoin now trades below $9,000! Is the Google crackdown on cryptocurrency ads to blame?

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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

Altcoins

My Crypto Heroes Announces Issuance of MCH Governance Token

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Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

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Altcoins

Rewards Platform StormX Offers 50% Crypto Cashback Bonus for Thanksgiving

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Singapore, Singapore, 23rd November, 2020, // ChainWire //

Blockchain-based rewards platform StormX has released a seasonal promotion for its award-winning Crypto Cash Back App. The promotion will allow app users to earn a 50% bonus on top of their cashback between Thanksgiving Day and Cyber Monday (November 26-30).

StormX has also introduced a brand-new staking service, allowing users to earn an additional 50% per year when they stake STMX tokens. The native ERC20 token of the StormX ecosystem, STMX has a total supply of 10 billion and is available to trade at many of the world’s top exchanges, including Binance and Bittrex.

“With Bitcoin’s price approaching its all-time high, interest in cryptocurrencies has renewed, though some people believe it’s now too expensive to buy in,” said StormX CEO and Co-Founder Simon Yu. “What we have done is create an easy way for such individuals to accumulate bitcoin, ethereum and other cryptocurrencies via everyday shopping.

“We’re also excited to provide users with the ability to earn greater rewards simply by staking their tokens.”

Since the StormX mobile app launched its Shop feature with over 700 stores in February 2020, some 400,000 unique users have been added to the rewards platform. StormX has also witnessed over 50% month-on-month growth for sales. The app is available for download on the App and Google Play Stores, and can be downloaded as a browser add-on from the Chrome Web…

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Altcoins

BITTREX GLOBAL CONFIRMS FREE TRADING AND LISTING FOR TOP DEFI TOKEN

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Valduz, Liechtenstein, 17th November, 2020, // ChainWire //

International cryptocurrency exchange promotes free trading and no gas fees for leading DeFi tokens

17th November 2020 — Bittrex Global GmbH. announced today 8 new DeFi tokens will be listed this week including:

  • UMA (UMA)
  • Aave (AAVE)
  • Balancer (BAL)
  • REN (REN & renBTC)
  • Kyber Network (KNC)
  • Band Protocol (BAND)
  • YF Link – (YFL)

Bittrex Global’s users can trade all of their DeFi  tokens with no trading or gas fees until 2021. The decision to enable free trading on Bittrex Global for DeFi tokens  follows on from the 1,000% growth of the DeFi asset class over the course of 2020.

The decision to enable free transactions will see more investors enter the Blockchain Act’s digital asset regulatory system, supervised by the Financial Market Authority in Liechtenstein (FMA) under the Due Diligence Act which requires traders to comply with the KYC/AML/CFT standards.

“The last year has seen huge growth in DeFi as an asset class and a number of significant milestones completed,” said Bittrex Global’s CEO Tom Albright. “As the asset class matures and more institutional and professional investors look at the fundamentals, we are likely to see increased demand and higher trading volumes for DeFi in 2021.

We’re really excited about what we’re seeing in the space and want to see these DeFi projects grow and help them build stronger platforms through increased adoption. Offering free trading fees…

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