Another Tuesday night, and I ain't got no price appreciation...
For once, we actually have a pretty clear indicator of what is causing Bitcoin to puke up it's dinner from last night.
That information comes in the form of an announcement from undisputed worldwide advertising king and juggernaut, Google, which has just stated that they will no longer allow advertising for cryptocurrencies, ICOs, or "other speculative financial instruments."
Power crystals, horoscopes, psychics, and flat-earthers are still OK apparently.
Bitcoin, we can't leave you unsupervised for 10 minutes. Chart per ZH.
Note that this is clearly not a "moral" stand, as Google has nor problem indexing and runnings ads for AshleyMadison, perennial cheater-facilitation website, among a plethora of other nonsense and unverified products.
Apparently, Google thinks its customers are adult enough to be encouraged and facilitated to violate legal agreements like marriage certificates, but apparently they are too childish to decide what to do with their own investments.
Thanks, Google. What would we do without you filtering every last thing we do?
Nothing but high-quality and respected business practices to be seen here.
I suspect a possible motivation for this move starts with a "B" and ends with a "rave". If Google puts the "kibosh" on cryptocurrency related content early (ie. before Brave is a threat,) then they can block Brave and any Brave related content and claim it's a violation of the ToS. Clever.
I'm sure that part about being based on Chrome doesn't make it a competitor...
What this looks more like is simply another large corporation, which is effectively a gatekeeper of media access at this point, attempting to protect the "old guard" and prevent any innovation or advancement that could possibly rock the boat...because, you don't want to rock the boat when you are on top of a massively profitable monopoly.
Now, I'll mention as a footnote that with the G-20 coming up, it's possible to attribute this drop (in part) to market repositioning prior to the onset of talks. I'm not really buying it, but you may see this headline, so there it is.
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Sources: Google, CoinTelegraph, ZeroHedge
Copyright: Zero Hedge