Bitcoin fell 9 per cent to below $8,000 following the news that Google would ban all ads related to crypto, ICOs and more.
As dismal as that looks, it’s actually not as bad as the fall of 12 per cent that happened in January after Facebook announced similar plans. Both decisions are said to be due to the increasing number of scams associated with crypto.
Brian Kelly, CEO of BKCM, told CNBC: “”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.
“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.”
Google is the world’s largest digital ads provider, and so this news has made many in the crypto industry nervous that the ban is a sign of things to come.