The first decentralized digital currency, Bitcoin has hovered value of around the $7,500 mark today. The value of Bitcoin downfalls when the popular social media network Twitter enforced its prohibition on cryptocurrency advertisements.
The Bitcoin price dropped below after reports circulated that social media platform Twitter Inc will ban the advertisement of cryptocurrency. At the time of writing this article, the price of Bitcoin is trading at $7,683, according to the Coinmarketcap.com.
Recently, Twitter confirmed to ban advertising cryptocurrencies on its social platform, following the footstep of the giant industries – Google and Facebook. These platforms barred cryptocurrencies to guard the potential investors against the ICO scams.
Timothy Tam, co-founder of crypto-market intelligence platform CoinFi said
“Today’s news on Twitter’s ban is likely a significant contributor to the steep sell-off. As new retail investors enter cryptocurrency, a large portion of them are trading on raw emotion.”
According to the Coinbase, Bitcoin has declined severely 60 percent from its high when it was $20,000 in December. But the price has recovering to the $9000 mark after the G-20 conference.
Banning ads on Twitter is not entirely surprising. A huge number of scammers are increases after the outburst in popularity for cryptocurrencies. In an interview with Sunday Times, Jack Dorsey, CEO of Square gave a positive passionate support for the cryptocurrency. He forecasts that Bitcoin would become a global currency with 10 years as well as would be used as a daily transaction medium.
Similar web- market research intelligence website which helps users to understand their digital market share, analyzed that paid search was responsible for less than 1% of overall traffic to cryptocurrency exchanges. Coinmarketcap, a functional website for obtaining an outline of the cryptocurrency market was responsible for over 8.5% of all traffic to all the cryptocurrency exchanges websites.
Bitcoin Will Bloom This Year
Founder and CEO of Abra, Bill Barhydt expressed his support for the crypto sector and speculated that Bitcoin price will boom in the market this year.
He further added,
“I talk to hedge funds, high net worth individuals, even commodity speculators. They look at the volatility in the crypto markets and they see it as a huge opportunity. However, once the floodgates are open, they’re opened.”