Google Bans Cryptocurrency Advertising: Prices Fall

Alphabet parent company of Google, the world’s biggest search engine officially announced on Wednesday that starting from June they were banning all cryptocurrency related advertisements on their platforms.

Trust and Safety Report

Scott Spencer, Google’s director of sustainable ads said that they had updated their ‘trust and safety’ annual report banning content related to cryptocurrencies, wallets, initial coin offerings (ICOs) and trading advice.

Facebook Lead’s the Charge

Social networking giant Facebook at the beginning of 2018 was the first to lead the charge by banning cryptocurrency advertisements in what they said was misleading and deceptive practices for promotional purposes.

Prices Tumble

Bitcoin together with 9 of the top digital currencies tumbled after the release of the news.

On the Bitfinex exchange Bitcoin fell 3.65 percent to $8,685.40. According to CoinDesk, Bitcoin hit an intraday low of $7,955.

The world’s second largest cryptocurrency by market Cap Ethereum plummeted 4.75 percent to $660.60.

Ripple now the third largest digital currency fell 2.97 percent to $0.74000

Litecoin fell 3.76 percent to $166.78

Revenue From Advertisements

Alphabet, Google’s parent company said that in 2017 advertisements that violated its policies totalled over 3.2 billion which were taken down compared to the previous year of 1.7 billion. Approximately 84 percent of Google’s total revenue is generated from advertising.

CEO of broker platform BrokerNotes, Marcus Taylor said that whilst the ban is influencing cryptocurrency prices it will protect those that are ill informed and bring stability to the market.
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