Falling price of Bitcoin may extract frauds from Cryptocurrency Market.
Falling price of Bitcoin today may extract the fake people out from the Cryptocurrency Market.
BTC market hits the lowest price today. The opening price of Bitcoin on Wednesday was $9,144.15 and today it hits $8,196.90, the lowest price that struck by Bitcoin after the stability in this whole month.
According to the CoinDesk, a news site that specializes in cryptocurrency and Bitcoin, the capricious token is down with the worth of $500.
It may be due to the reason that Google has announced that with effect from June 2018, it would ban all the cryptocurrency ads. Google’s parent company Alphabet’s 84% of revenue generation is due to the ads that are advertised on Google. It can be seen that there are a lot of scam happening in the name ICO (Initial Coin Offering), or by asking or attracting people to invest in cryptocurrency.
Google, to maintain the faith of the people who advertise in other than cryptocurrency through Google, has banned all cryptocurrency & ICO ads so that they believe that Google promotes only genuine ads. Through this step, Google wants to show to the people that it always promotes the realistic genuine ads and not the ones which only attract the customers and provoke them to buy something that is related to fraud. Google also said that motive of banning the cryptocurrency related ad is to stop the advertisers who trap the investors doing some malicious activities. To know more about this news, click here.
Observers, following the Google ban, predict that the bad actors or scammer who earn in the name of cryptocurrency by attracting the investors for scammed ICO will stop doing frauds.
Supporting the above statement, Chris Keshian, the CEO & Managing Partner, $APEX funds said that this kind of regulation is the step ahead towards the cleaner and safer crypto environment. This way, fraudulent and irresponsible ICOs that are being run by unregistered persons, brokers and agents will be tracked off the cryptocurrency market. Further, he added that Google actions are commendable as far as it keeps an open eye towards the fact that all cryptocurrency investments and trading platforms are not forged.
In comparison to Bitcoin, other cryptocurrencies have also fallen their worth. According to the CoinDesk, Ethereum and Ripple XRP has fallen their worth and are trading on %0.68 and $593.37 respectively.