Connect with us

Bitcoin

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

Published

on

Google
READ LATER - DOWNLOAD THIS POST AS PDF

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

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

Published

on

Bitcoin crash
READ LATER - DOWNLOAD THIS POST AS PDF

The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

Continue Reading

Bitcoin

The Bitcoin Revolution: Everything You Need To Know To Take Profits

Published

on

Bitcoin
READ LATER - DOWNLOAD THIS POST AS PDF

Bitcoin is soaring high in the cryptomarket once again, and experts are expecting a return of the bullish trend of 2017. The current Bitcoin price is $7,615 as of 23 May 6:56 AM UTC. This significant jump comes just six months after the Bitcoin price plummeted to a low of $3150 in December 2018. Since then, Bitcoin has experienced steady growth and gain in the market. However, in the last 30 days, the Bitcoin price peaked to $8,320.82, its highest price ever. This phenomenal jump occurred in a span of only 10 days breaking the Bitcoin record so far of significant gains made in short time frames. This positive growth has led to experts forecasting the Bitcoin price to hit the $20,000 mark by the end of this year.

Since entering the market almost 11 years ago, Bitcoin is still at the top of the global cryptocurrencies list. The current circulating supply of Bitcoin is at unbelievable 17,708,875 BTC. The market trend of the Bitcoin price has remained positive even when the currency did not maintain an uptrend. Cryptocurrency researchers believe that Bitcoin has the potential to grow up to a high of USD 50,000 within the next two years.

How to Profit from Bitcoin…

Continue Reading

Altcoins

3 Altcoins That Are Outperforming Bitcoin and Will Likely Face Consequences

Published

on

altcoins
READ LATER - DOWNLOAD THIS POST AS PDF

The crypto market is going through a period of massive recovery in the past few months, which has caused the investors’ optimism to return. While all eyes are on Bitcoin (BTC), as usual, the largest coin seems to be struggling with a major resistance level at $8,000 at the moment. While this level was breached a few times now, every breach resulted in a correction.

At the time of writing, BTC is approaching this level yet again, with its current price being at $7,985,79, and rising further. The price managed to grow by 1.06% in the last 24 hours, and will undoubtedly hit $8,000 in a matter of hours, if not sooner.

However, while Bitcoin continues to remain volatile and struggles with waves of growth and decline, there are some altcoins that are not following its path. Of course, most of them are performing in pretty much the same manner as BTC, as they always had. But, a few coins have actually managed to outperform Bitcoin in recent months.

While optimists believe that this might lead to decoupling from Bitcoin — something that only Binance Coin (BNB) managed to pull off up to this point — it is likely that there will be consequences for these cryptos. This likely means that a price drop for these specific coins awaits somewhere in the near future, as outperforming BTC…

Continue Reading

Elite