Bitcoin Sinks on Google Announcing a Ban of Cryptocurrency Ads

Bitcoin plummeted on Wednesday after Google said that it would be banning cryptocurrency ads.

The digital currency fell 9% following the news to a one-month low of $8,252.39 as of 1:30 p.m. ET according to CoinDesk.

It was in January that social networking giant Facebook had said that it would ban ads on “binary options, initial coin offerings and cryptocurrency.” When Facebook made their announcement bitcoin fell as much as 12%.

Google, which is the world’s largest online ad provider, announced an update on Wednesday to its financial services policy that will restrict advertising for “cryptocurrencies and related content” starting in June.

One person remains optimistic about the news however and that’s Brian Kelly, the CEO of BKCM.

He said, “It’s a good thing for the industry, Facebook and Google ads were always a red flag for me. It’s not having any impact on price.”

“Selling is driven by fear of another China ban, supposedly coming in next 24 hours,” Kelly said. “My view is it will be a nothing burger since China has been banning bitcoin since 2013.”

Disclaimer: We have no position in Alphabet Inc Class A (NASDAQ: GOOGL) and have not been compensated for this article.

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