• 7 hours Are Americans Finally Sold On Soccer?
  • 15 hours Is The Tech Bubble About To Burst?
  • 1 day Coronavirus Could Cost Tourism Industry $80 Billion
  • 1 day What Web Traffic Trends Can Tell Us About The World
  • 2 days Miners Face Greater Headwinds
  • 2 days Boris Johnson Proposes Billion Dollar Bridge To Northern Ireland
  • 4 days Goldman Slashes Oil Price Forecast By $10
  • 5 days Tesla Raises $2 Billion In Share Selloff
  • 5 days What The T-Mobile Takeover Of Sprint Really Means For Markets
  • 5 days The U.S. Has Charged Huawei With Racketeering And Conspiracy
  • 6 days How Hydrogen Could Become The Fuel Of The Future
  • 6 days Millennials Can’t Retire, But They’ll Still Have To Help Their Parents
  • 7 days This Gold Miner Just Increased Its Dividends By 40%
  • 7 days Airbnb IPO Under Threat As China's Economy Drags
  • 7 days The Infamous Equifax Hack Just Became A National Security Issue
  • 8 days BHP Takes The Crown As World’s Top Copper Miner
  • 8 days Tesla Reopens Chinese Factory After Coronavirus Scare
  • 8 days Armed Troops Storm El Salvador’s Parliament
  • 8 days Is A New Housing Bubble Forming?
  • 9 days The Biggest Challenge Facing West Africa's Single Currency Plan
Iran Looks To Launch Its Own Cryptocurrency

Iran Looks To Launch Its Own Cryptocurrency

Iran has proposed the creation…

Are Blockchain Stocks Poised For A Comeback?

Are Blockchain Stocks Poised For A Comeback?

Blockchain stocks came crashing down…

China's Boldest Move Yet To Ditch The U.S. Dollar

China's Boldest Move Yet To Ditch The U.S. Dollar

It appears that China's blockade…

  1. Home
  2. Cryptocurrencies
  3. Other

Why Bitcoin Isn’t Plunging On Google Ad Pull

Google

The past 12 hours have been a psychological rollercoaster for bitcoin sentiment, with a comprehensive Google ad ban threatening to spark a sell-off, but major crypto banking news coming out of Barclays and Coinbase may help staunch the price plunge.  

Google’s announcement late Tuesday sent bitcoin further down to just over $8,700 by 10:45am EST.  

It’s been a rough ride…

(Click to enlarge)

Source: Coindesk

Google said it would ban all bitcoin and ICO ads by June, just days after the U.S. Securities and Exchange Commission warned traders against buying cryptocurrencies on exchanges that are not registered with the SEC.

Google will prohibit promotions of “Cryptocurrencies and related content, including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice.”

But Google’s move wasn’t just about cryptocurrency: The search giant is under significant pressure over advertising policy, and a host of other financial products saw ads banned, too.

And bitcoin has already survived Facebook’s similar ad ban in January.

Together, Google and Facebook accounted for more than 60 percent of digital ad spending in 2017. Now it’s time to pay the toll. Related: The Mysterious Crypto Billionaires Taking Over Puerto Rico

What crypto loses in this deal is access to audiences who operation on low-information, and some claim that online advertising hasn’t played a significant role in the majestic rise of cryptocurrencies.

While Wednesday morning could have been a nail in bitcoin’s coffin—it hasn’t been the sudden plunge to zero, or the final bursting of the bubble that many expected. Big things are brewing for cryptocurrency, and its infiltration of global banking is seen to be making headway.

But while bitcoin is losing on the Google ad news, a crypto deal with Barclays bank could have a longer-term bull effect.

Coinbase, one of the largest bitcoin exchanges in the world, has reportedly sealed a relationship with UK-headquartered Barclays—the first big UK lender to jump on the cryptocurrency wagon in a very big way.

By setting up an account at Barclays, Coinbase’s UK customers will be able to process their crypto deposits and withdrawals with ease. It’s a major victory at time when regulatory authorities around the world are talking about crackdowns and warning customers away.  

Two years ago, Barclays was also the first bank to accept bitcoin.

Cryptocurrencies are volatile at the best of times, and there are no signs that Google just destroyed bitcoin.

In the meantime, the volatility of crypto is turning it into one of the polarizing things in the financial world, with half of the divide calling for the bubble to pop and bitcoin to plunge to zero, and the other half calling a rally to as much as $100,000.

Most recently, Allianz Global, the investment arm of Europe’s biggest insurer, said cryptocurrency was worthless, and the bubble will definitely pop.

But bitcoin—even if it is only the gateway drug to future cryptocurrencies—isn’t going to disappear that easily, and it’s likely going to take more than a Google ad ban to bring it down.

By David Craggen for Safehaven.com

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment