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Google reinstates cryptocurrency advertisements; technology giant’s move riles up community

Akash Anand

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Google reinstates cryptocurrency advertisements; technology giant's move riles up communityGoogle reinstates cryptocurrency advertisements; technology giant's move riles up community
Source: Unsplash

On 25th September, Google announced that it was reversing its decision to ban cryptocurrency advertisements on the search engines portal. The new circular released by the technology giant allows cryptocurrency exchanges to buy advertisements within the regions of the United States and Japan.

The original decision by Google to ban everything related to cryptocurrencies was made in June. The earlier decision covered everything related to Initial Coin Offerings [ICOs] to cryptocurrency trading advice. Scott Spencer, Google’s Director of Product Management, Sustainable Ads, had stated during the initial ban announcement in June:



“We don’t have a crystal ball to know where the future is going to go with cryptocurrencies, but we’ve seen enough consumer harm or potential for consumer harm that it’s an area that we want to approach with extreme caution.”

The search engine company is not the only organization that had banned advertisements related to the digital assets with Snapchat, Twitter and Facebook also ruling decisions against it. The last time cryptocurrency advertisements were allowed on Google was when Coinbase ads were reinstated on the platform. Google said:

“Our policies are designed to give users information to weigh the costs associated with financial products and services and to protect users from harmful or deceitful practices. For the purposes of this policy, we consider financial products and services to be those related to the management or investment of money and cryptocurrencies, including personalized advice.”

Google was also in the news earlier when a Google Play update removed application categories that covered mining apps. Snapchat had banned cryptocurrency related posts back in February when the Evan Spiegel led company was under pressure for posting unfiltered advertisements. Frank Berley, a Reddit user had commented:

“A good decision by another huge social media app. ICOs advertising should be banned like in every possible place. Screw it, and kick those ads out. It is better if Twitter takes a quick action for this too before they end up in a loss.”





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Analysis

Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market

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Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market
Source: Pixabay

Bitcoin’s much-awaited Golden Cross, which many analysts claimed will lead to a resurgence of a bullish market, has been confirmed. The intersection of the 200-day moving average and 50-day moving average, which indicates the Golden Cross, was achieved over the past few hours.

Earlier today, the top cryptocurrency saw a massive rise after days of sideways movement. Bitcoin’s ascendance saw it break the $5,350 resistance level, which eToro’s Mati Greenspan had previously suggested will consolidate “buying pressure.”

Source: TradingView

Additionally, a major psychological level of $5,500 was also surpassed less than three weeks after Bitcoin broke the $5,000 mark.

The Golden Cross theory holds credibility among analysts in the cryptocurrency realm as it infers that the coin’s average price is above its 200-day equivalent. For the first time in over a year, the cryptocurrency market has seen its 50-day MA move above the 200-day MA, which according to many is a sign of a bullish market.

On the opposing side of the Golden Cross indicator is the Death Cross, where two indicators cross over into a bearish market i.e. the 200-day MA moves above the 50-day MA. The Death Cross manifested in April 2018, after the prices went into a free fall following the December 2017 high.

In April 2018, BTC was priced at just over $7,000, following which it lost more than 50 percent of its price by the end of the year. The price of the king coin has recovered exceedingly well in 2019 however, winning back almost 50 percent of its lost value.

Many analysts, including Greenspan, agree that the crossing of the two moving averages is a clear testament to the return of the bull market. Although he didn’t quite use those words, Greenspan tweeted,

“Ladies & Gents… The Golden Cross!
Bitcoin’s 50-day moving average (gold) crossing above her 200-day moving average (blue). 📈
This is yet another sign that we’re back in a🐂market. 🚀🌛”

However, in an exclusive interview with AMBCrypto last week, Greenspan had stated that the Golden Cross theory is a “lagging indicator,” as the Death Cross was last seen in April 2018, months after the market took a bearish turn.



In his view, the 200-day moving average is the key indicator. On April 2, Bitcoin broke this mark for the first time since March 2018, by recording a massive 17 percent daily gain and rising above $5,000.

Based on historic price changes with reference to the Golden Cross, the last time the 50-day MA soared above the 200-day MA, price of Bitcoin rose by over 8000 percent from $246 in October 2015 to almost $20,000 in December 2017. Given past market movements, the current market scenario, and the optimism in the air, the Golden Cross may just have initiated the Bitcoin bull market.





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