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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

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

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Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.

Fundamentals

Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.

Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.

Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.

Last week on Thursday, cryptocurrency experts took notice of…

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Bitcoin

Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

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Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.

Economic Outlook

Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.

The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.

Additionally, the central bank indicated that three rate…

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Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

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Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.

Fundamentals

Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.

According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.

Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…

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