Bitcoin Price Spirals Toward $8,000 After Google Bans Cryptocurrency Ads

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Bitcoin Price Spirals Toward $8,000 After Google Bans Cryptocurrency Ads

Bitcoin prices fell by 11%. Google stated on Wednesday that it would prohibit bitcoin advertising on its platform. The prohibition goes into force in June.

As of this writing, the price of one bitcoin token (BTC) was about $8,137, down 11% from the previous day. According to CoinDesk, the original virtual currency reached an intraday low of $7,955.

The Google crypto ban comes three months after a similar prohibition by Facebook. Google made the announcement on its website. Google’s director of sustainable advertising, Scott Spencer, justified the choice to CNBC, saying:

“We don’t have a crystal ball to know where the future is going to go with cryptocurrencies, but we’ve seen enough consumer harm or potential for consumer harm that it’s an area that we want to approach with extreme caution.”

Bitcoin prices fell 12% in late January after Facebook announced a cryptocurrency ban, citing the need to remove advertisements for financial goods that are “often connected with misleading or deceptive advertising tactics.” (For more, see Facebook Bans Cryptocurrency and ICO Ads.)

(Source: WorldCoinIndex)

Bitcoin’s sibling cryptocurrencies follow suit. The values of nine of the top ten most valuable digital currencies by market capitalization have all declined considerably in the last 24 hours.

Today, Ethereum, Ripple, Tron, Bitcoin Cash, Tron, and NEO all fell more than 10%.

(Source: WorldCoinIndex)

According to industry analysts, the Google and Facebook ad prohibitions may not be all bad news for the cryptocurrency business. “It’s fantastic for the industry,” said Brian Kelly, CEO of the BKCM digital asset fund, to CNBC. “For me, Facebook and Google advertisements were always a warning sign. It has no effect on the pricing.”

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Kelly feels that crypto values are decreasing as a result of widespread worldwide regulatory concerns. (See also: China Strictly Regulates International Cryptocurrency Trading.)

“Selling is being pushed by fear of another China ban, which is purportedly coming in the next 24 hours,” he said. “In my opinion, it will be a ‘nothing burger,’ since China has banned bitcoin since 2013.”

Hackers Go Phishing

Hacks are another reoccurring issue in the digital currency ecosystem.

The best bitcoin exchange Binance was recently attacked in a large, well-organized hacking assault. While the theft was eventually prevented, Binance is not going down without a fight.

The exchange is prepared to give a bounty of $10 million to tipsters who assist them catch would-be cyberthieves.

“We can’t just play defense,” Binance said to clients. “We must aggressively prevent any incidents of hacking from occurring.” (Read more: Binance Offers $10 Million Bounty for Crypto Hackers Arrest.)

Investing in cryptocurrencies and Initial Coin Offerings (“ICOs”) is very dangerous and speculative, and neither Investopedia nor the author suggest that you do so. Because every person’s circumstance is different, a knowledgeable specialist should always be contacted before making any financial choices. Investopedia makes no guarantees or warranties about the accuracy or timeliness of the information provided on this site. The author owns no cryptocurrencies as of the day this post was published.

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