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Facebook Partially Reverses CryptoCurrency Ad Ban Just As Crypto Prices Surge Up!

    ura soul
    by
    Facebook Partially Reverses CryptoCurrency Ad Ban Just As Crypto Prices Surge Up!

    Facebook have announced an update to the cryptocurrency Ad ban that appears to have played a role in precipitating the mammoth crypto price crash of early 2018. There are many interesting news stories relating to crypto currently, but this is worth looking into in particular.

    As @jpbliberty on #Steem brought to our attention via their class action lawsuit against Google and Facebook (which is still in the early stages), the price crash of Bitcoin from over $20,000USD that wiped hundreds of billions of dollars from the overall cryptocurrency market cap in early 2018, occurred 2-3 days after both Google and Facebook announced they were banning advertising of cryptocurrency projects. At the time this didn't make the headlines as being causal in the crash - however, these sites carry around 66% of all internet traffic and therefore a similar amount of all advertising opportunities. Cryptocurrency projects being banned from advertising there meant a huge limitation to their potential reach.

    Facebook have been developing their own cryptocurrency (codenamed 'libra') which just adds fuel to the fire with regards the potential success of an anti-monopoly legal case against them. By blocking adverts for crypto projects and social networks such as Steemit, they breached anti-trust / anti-monopoly laws that say that businesses are not allowed to prevent their competitors from using their services. The outcome of the class action law suit is yet to be seen - however, we can see that the decision for Facebook to relax their rules has coincided with a strong rise in the price of Bitcoin and most other projects.

    Facebook's press release states that they still intend to ban ICO ads, but projects that want to advertise for crypto products can now apply to them to do so and the blanket ban has ended. Their new policy, stipulates that most crypto services can now advertise, though some require permission to do so. I am unclear exactly how this relates to the potential for them breaching anti-trust laws, but I'd say they are definitely walking on thin ice!

    Bitcoin's price has risen nearly 50% in the last couple of weeks and I don't find it to be random that Facebook's ad policy has changed around the same time. The rumours that Ebay was about to accept cryptocurrency have now been denied directly by their spokesperson, which is one of several recent claims that have likely turned out to be false. None the less, companies such as wholefoods and barnes & noble HAVE said they are going to allow crypto payments - so the market is generally in a bit of a tornado currently, trying to make sense of all the signals...

    One thing is for sure, the next 12 months are going to be emotional for cryptocurrency enthusiasts!

    Wishing you well,

    Ura Soul