Wow! Who needs TV programs when cryptocurrencies bring so much surprises? Bitcoin got up, even after Facebook, Google and Twitter anounced ban for all cryptocurrency ads. Reason for up? Probably bad performance of U.S. stock market. Well, here is what Kate Rooney said about this news:
Bitcoin prices rallied above $7,000 on Monday after shedding 25 percent final week, as major U.S. stock markets fell. The digital currency gained a lot more than $500 from Easter Sunday, in accordance with data from CoinDesk. Bitcoin hit a higher of $7,108.20 Monday, and later dropped to $6,919 as of four:39 p.m. It is nonetheless down much more than 50 % year to date.
Stocks meanwhile dropped on the initial trading day of the quarter as Amazon put pressure around the broader tech sector. The Dow Jones Industrial Average fell far more than 450 points, and the S&P 500 entered correction territory.
Cryptocurrency costs have taken a beating in 2018 after news of regulatory crackdowns, key hacks, tech companies banning advertising and investor uncertainty around the upcoming tax season.
Nonetheless, some investors are bullish about the year ahead.
Jack Tatar, co-author of “Cryptoassets: The Innovative Investor’s Guide to Bitcoin and Beyond,” mentioned that while recent bans on cryptocurrency advertising by Facebook, Twitter and Google hurt rates short term, they could legitimize the space.
“Of course, I don’t like seeing bitcoin scrapping support below $8,000 but I do view some of this as growing pains for it and other cryptoassets,” Tatar stated.
The digital currency dropped 12 percent in late January following Facebook, the world’s second-largest online ad provider, stated it would ban all advertisements that promote cryptocurrencies to prevent the spread of what it called “financial products and services frequently associated with misleading or deceptive promotional practices.” Google announced a similar ban in in March, and Twitter followed suit last week.