Bitcoin’s price plunged below $7000 and then rose up amid rumours that Twitter is following suit to Facebook and Google in banning cryptocurrency related advertisements. According to Sky News, this policy change could be enacted in two weeks time.
Facebook was the first of these Sillicon Valley giants to take this step in January, followed by Google last week.Twitter is said to also ban all ads for cryptocurrency exchanges, with some limited exceptions.
But the resurgence of Bitcoin’s price in less than 24 hours could signal that the rumour is not anyway true.
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As the Bitcoin and other Cryptos do their yoyo soon we will find the true value of block chain technology. We will soon find out there is nothing in storing value in Bitcoin and start accepting that just like any other currency bit coin may be used to buy not to keep. This may not be now but we are going there. Think of those who bought the bit coin from me when it was at $17000.00, I do not think they will agree when we tell them they have kept value in Bitcoin. We can use Gold to make things, We can use silver to make things, we can use tin to make some thing we can use clay to make some thing, Right!! Now thing of anything made out of Bitcoin. To me bit coins is like Databundles to a special network … AHAA may be I am confused .. am I? For now I do not think we can say Cryptos are used to store value, For now cryptos are for gamblers and for those who will buy because the understand the practical application of a particular crypto, eg CREDITS and ODEM. Buying into CREDITS and ODEM is liking buying really shares from a really company, in that one can believe in long term investment but for the other POPUPS … asazi. kuzabheda – Gramma and spelling not checked –
Bitcoin is up 17% today, like I mentioned last week the downswing was due to Mt Gox coins that were being sold to pay creditors. That selling pressure has since stopped with the next batch expected to be sold in September. So for now expect a mini rally to about $10,400 on international exchanges (15.5k -16.5k on Golix) before going down a bit. Other news of bans by these social media companies is insignificant to the price of Bitcoin like I mentioned before.
https://www.cryptoground.com/article/tokyo-bitcoin-whale-mt-gox-trustee-bitcoin-price-crash
The people who move markets hold enough coins to manipulate direction without worrying about retail buyers who buy based on FOMO and social media vibes.