Amid Twitter Cryptocurrency Ban Rumors Bitcoin Price Climbs

Bitcoin Prices

After plunging close to $7,000 bitcoin prices rallied amid rumors of an impending Twitter ban on cryptocurrency advertising as the price of one Bitcoin token was hovering at $ 8,417 up 2.7% whereas it hit a low of $ 7,336 before staging a tentative comeback according to CoinDesk. Whereas it was found that not surprisingly the BTC rally fielded a similar uptick where it was among all 10 of the top 10 most valuable cryptocurrencies by market cap. Thereafter to state Ripple had climbed more than 4% whereas Tron and Ethereum Class gained 10% as Eos gained 20% and Qtum rocketed more than 37%. 

After the entire digital currency market tumbled, the temporary recovery was a welcome relief as the search engine giant Google had announced that it will ban crypto ads. Google’ director of sustainable ads, Scott Spencer said the corporate giant had stepped into protecting users from potential fraud as he explained that they don’t have a crystal ball to know where the future is thereby going to go as with cryptocurrencies they have seen enough consumer harm or potential for consumer harm that its an area that they want to approach with extreme caution. 

There Are Rumors Of Twitter Crypto Ban That Roils Market

Following a similar move of the Google ban the social media juggernaut Facebook banned cryptocurrency ads as the product management director, Rob Leathern explained in a blog post that they wanted people to continue discovering and learning about new products as well as services through Facebook ads without any fear of scams or deception. It was then that there are many companies thereby advertising binary options, ICOs as well as for cryptocurrencies which are not currently operating in good faith. 

In the footsteps, rumors are now swirling that Twitter can enact a similar ban according to Sky News where the microblogging platform is considered banning crypto advertisements as well as the ads for cryptocurrency exchanges. The new advertising policy as reported by the news site is that it will be implemented in a short time as the current stand prohibits advertisements for initial coin offerings, token sales, and cryptocurrency wallets globally. 

While it has not confirmed the rumors, a ban by Twitter wouldn’t be surprising as Twitter has already suspended the suspicious accounts of online scammers posing as celebrities to steal people’s cryptos. Adding to it the Tesla billionaire Elon Musk had revealed that he was a victim of such an impersonation as it reported to Twitter co-founder Jack Dorsey.

The ban by Google, Facebook, and potentially by Twitter according to observers is that it could have a chilling effect on the market as the CEO of BitBull Capital, Joe DiPasquale told CNBC that much of the crypto demand is retail as this may negatively impact demand. Adding to it DiPasquale said that the high cost of bitcoin mining has also put pressure on its price where the cost is now about $ 8,000 to mine one BTC token roughly equivalent to its market price as miners are breaking even. As he says there come fewer incentives for miners continuing to keep machines on unless they are in a lower cost energy area or have a way of producing at less than cost. 

How Twitter Billionaire Jack Dorsey Backs Blockchain

Since billionaire Jack Dorsey is bullish on bitcoin, not all is doom and gloom as evidenced by his financial support of blockchain startup Lightning Labs. Aiming to speed up bitcoin transaction times, the Silicon Valley-based Lightning Labs has received $ 2.5 million in seed funding from tech luminaries including the likes of 

The Litecoin creator Charlie Lee 
The Square Inc. and Twitter co-founder Jack Dorsey
A Former PayPal COO David Sacks
The BitGo CTO Ben Davenport
The Eventbrite co-founder Kevin Hartz
A Venture capital firm called Digital Currency Group
Also, Robinhood co-founder Vlad Tenev.

$2.5 million is granted not a lot of money for a group with such deep pockets whereas it is still a vote of confidence by some of the smartest people in fintech has believed that in bitcoin and blockchain, the technology is what that undergirds crypto. 

Concluding Words On The Topic

Even though experts are hereby watching the boom closely, it is still being regarded as the invention of the era. Hence, we need to be sure when we are investing as it is quite a gambling game regarding the cryptocurrency. This is why it is explained as the currency of new-age while governments are seen to be scurrying to bring it under the leash.