- The Twitter Inc ban on crypto ads affects crypto investors.
- This caused Bitcoin to hover around the $8,000 level.
Twitter Inc: Twitter Inc, the social media giant, has confirmed rumors that it would join Facebook and Google in placing a ban on crypto related ads. Twitter began the banning of advertisements on crypto tokens and ICOs on Tuesday, March 26 according to a Reuters report.
Bitcoin – the largest digital currency sold for $7,847.87 as at 11 am Hong Kong time. The cryptocurrency had earlier rose as high as 4.8%, before plummeting overnight to its current value – about $7,850. Other altcoins such as Ether, Ripple, and Litecoin also dropped in value.
On Monday, Twitter Inc. confirmed it will commence banning crypto ads on its platform. A Twitter spokesperson states that this action is due to the fact that most crypto related contents and ads are often connected to fraud and deception. The Twitter decision to ban crypto ads comes after Facebook Inc. placed a ban on crypto ads in January and Google stated it is planning to start banning crypto ads in June.
Since Bitcoin fell from its all-time high of about $20,000 last December, Bitcoin has not been able to recover and had lost above half of its value as crypto investors consider the future of the digital currency amidst increasing clamp down from global regulators.
The first US exchange to list Bitcoin futures last year, Cboe Global Markets Inc., is making plans to launch more crypto-related products. Last Monday, an operator of Cboe urged the US securities regulators in a letter to the Securities and Exchange Commission (SEC) to consider approving cryptocurrency exchange-traded funds.
Recently, Twitter co-founder, Jack Dorsey, stated that bitcoin would soar in value and within a 10-year period would become the only global online currency. Is Dorsey really upholding this prediction with his ban on crypto ads on its platform? Tell us in the comment box below.
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