Bitcoin’s Move Towards $10,000 Mark Is Thwarted By Google’s Ban

BITCOIN

After the regulator from different countries, it was the turn of Alphabet Inc (NASDAQ:GOOGL) to ban all cryptocurrency related advertising like the initial coin offerings (ICOs) or content. As a result, bitcoin’s move to test the psychological $10,000 mark was thwarted. However, the digital currency managed to recover some of the initial losses in the last one hour trading.

At Eastern Time 10.30, Bitcoin traded down by 0.17 percent in the last one hour period. This was in contrast to the 4.07 percent fall in the 24-hour period and 15.99 percent drop in the 7-day period.

It was not just Bitcoin alone that managed to recover during the period. Other virtual currencies such as Ethereum, Ripple, Bitcoin Cash and Litecoin have also managed to cut down the losses in the last one-hour period compared to the 24-hour period. For instance, Ethereum managed to bring down the losses to 0.36 percent from 5.02 percent while Ripple loss was brought down from 4.81 percent to 0.68 percent in the last one hour period.

Bitcoin cash too managed to recover to post a loss of only 0.60 percent from 3.3 percent in the 24-hour period. However, Litecoin managed to post a gain of 0.16 percent compared to the loss of 3.3 percent in the 24-hour period.

Earlier in the day, Google indicated that it would ban every type of advertisements for cryptocurrencies. This included bitcoin, wallets and ICOs as the company indicated that it was an emerging threat, a line taken by different regulators across the globe.

However, the ad ban would become applicable from June only. The search engine giant’s director of sustainable ads, Scott Spencer indicated in his blog, “We updated several policies to address ads in unregulated or speculative financial products like binary options, cryptocurrency, foreign exchange markets and contracts for difference (or CFDs).”

As part of its clampdown, Google indicated blocking some gambling ads like those services using items like real-world money.

Be the first to comment

Leave a Reply