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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

Bitcoin

How Bitcoin Has Changed Online Gaming

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We always hear how Bitcoin is great for the financial industry, how it can remove the middleman and help you save money while you spend money. How it can provide fast transactions at any time to any place, even when you wish to send money to someone on the other side of the world.

While all of that is true, it is important to remember that Bitcoin’s impact does not end there. The coin has already changed countless other industries, but one of the first ones that have accepted it with open arms — and therefore one that was changed the most — is the online gaming industry.

Bitcoin’s impact on online gaming

The first thing to note here is that digital currencies have found their use in online gaming thanks to microtransactions. However, it goes far beyond simply purchasing an in-game item from another player. Bitcoin’s biggest impact, without a doubt, concerns online gambling, sports betting, and similar activities.

Bitcoin brings security and anonymity

Bitcoin casino has become one of the new most popular places for an online gambler to visit, and for numerous reasons. Bitcoin brought increased security — to the financial industry, as well as online games. This is important because security is crucial for anyone who enjoys online gambling. It…

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Bitcoin

The Crucial Role of Cryptocurrencies & Blockchain in Modernising The Telco Industry

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Blockchain has caused quite a stir in recent years. In fact, there’s a school of thought that firmly believes the digital ledger technology will prove to be the 21st Century’s biggest innovation

There are a great many industries braced for the disruptive force of blockchain, and the sweeping benefits it can bring to telecommunications can’t be underestimated. 

A blockchain is a decentralised, distributed, public digital ledger that’s fundamentally used to record transactions online. Every transaction that takes place is recorded across an extensive array of computers in a way that ensures that any individual record within the chain can’t be tampered with or retroactively modified. 

Because of the virtually impregnable security associated with blockchain and the efficiency that comes with a fully decentralised ledger, there’s plenty of potential for the technology within the telco industry in particular – especially given the financial flexibility that comes with cryptocurrency transactions beyond borders. 

Let’s take a deeper look at the important role that both blockchain and its associated cryptocurrencies can play in modernising and securing the telco industry:

Unprecedented security

The arrival of blockchain is causing a stir at Deloitte. The professional services giant has contributed tens of thousands of words on blockchain within its ‘insights’ network, and there are…

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Bitcoin

Will Bakkt Push Bitcoin into the Mainstream?

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Bitcoin has been in a prolonged bear market for some time and has dropped as low as $8300 in recent weeks. This is the worst time for the cryptocurrency since prior to the bitcoin boom in 2017, and it has led to speculation that the original cryptocurrency could be on the decline. However, the digital asset may be about to bounce back. This could be thanks to Bakkt, the new digital asset platform which aims to provide a secure and well-monitored place for investors to trade bitcoin. Some analysts are even suggesting that this could lead bitcoin into the mainstream.

Bitcoin has been teetering on the edge of the mainstream for some time now, with various companies accepting payments in the digital currency. The reason why it hasn’t yet taken off is that it doesn’t have enough practical applications to encourage the everyday person to start using it. But the market is there for alternative payments, and this is particularly apparent in the online casino industry when new sites crop up. For example, Johnny Jackpot is a smashing new casino brand that accepts a number of payment systems including Neteller, Skrill, and Paysafecard. Global customers want to be able to use options like these which were designed for the internet.

The problem with all of the aforementioned systems…

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