Summary:
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Google is going to end its ban on cryptocurrency-related ads, crypto exchanges in the US and Japan will be allowed to buy ads
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A poll conducted in China shows that 1 in 4 millennials want to invest in digital currencies
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Bitcoin keeps trading within a wedge pattern
Major cryptocurrencies have begun Wednesday’s trading quite positively and the gains could be partly due to the news coming from Google. The company reported yesterday that it was planning to end its ban on cryptocurrency-related advertisements. What’s more, Google intends to allow regulated crypto exchanges to buy ads in the United States and Japan. The decision will come into effect since October. Notice that the IT company decided to introduce restrictions on ads in March with the prime aim to protect consumers. Let us recall that some prominent companies including Facebook, Twitter and Snap decided to crack down on crypto-related advertising earlier this year. It is worth mentioning a speech delivered by Google’s Scott Spencer at a time when the original ban enacted. He said “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,” Even as the updated policy will be applied to ads all over the world only crypto companies headquartered in the US or Japan will be allowed to run ads. What will they have to do to get permission? Firms being interested in advertising their crypto-related activity will need to apply for certification to serve ads in each country individually. Why has Google scrapped the ban on crypto ads? The reasons seems to be quite obvious namely the company gets roughly 86% of its total revenue from advertising hence the more ads it displays, the better earnings would be.
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After the wild surge at the end of the past week Ripple settled down. However, it looks that the price is building the base for further gains as it has failed to break clearly below $0.5 thus far. Bulls could still hope for the rally continuation which could take the price even up to $0.97. Source: xStation5
There is nothing surprising that Asian countries are among those being the most immersed in cryptocurrencies. Nevertheless, according to a survey of 100 000 Chinese people conducted by Wu Xiaobo Channel only 3% of them have already invested in digital currencies. In turn, almost a half of these citizens have allocated more than 10% of their household wealth in crypto assets. On the other hand, findings of a poll carried out by Circle showed that roughly a quarter of millennials want to invest in digital currencies in the next twelve months. The details showed that men are generally more prone to invest in such virtual assets (17%) compared to women (8%).
Bitcoin keeps moving within the triangle formation and based on the past moves one may expect the price to rise toward the upper bound the pattern (ca. $6800). Source: xStation5
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