Twitter Joins Anti-Crypto Virtue-Signalling Parade, Bans Crypto Ads; Bitcoin Dumps
Twitter has followed in the footsteps of Facebook, Google, and by proxy YouTube in banning all ad mentions of cryptocurrencies, ICOs, and wallets (presumably both hardware and software - leather are probably still OK.)
We can all only wonder how long it will be before you are no longer allowed to post, tweet, retweet, like, or whatever it is the kids do at these sites these days on any topic related to cryptocurrency without risking a demonetization, shadowban, or outright dismissal from the site.
Given the incestuous relationship between these media conglomerates and their similar goals and ambitions, this move should not come as a surprise to many market observers. Nevertheless, the crypto market is volatile and sensitive, and appears to be weighed down either by this news or something else.
As expected, this has not been good news for Bitcoin.
At least the order book is bigger on the buy side, though with such a small span, it hardly merits mention.
Other cryptocurrencies are being hit even worse, with a sea of red on CoinMarketCap that to my eyeballs looks to average almost -11%. Dan-coins are having their typical rough days on Bitcoin weakness.
As many other market-watchers have noted, the G-20 ([economic] meeting of major world governments) could also be weighing on prices for now. If no crypto-negative events take place during the meeting, this will be a positive for the market. I do think the pain in this correction may be close to over, but that does not mean things will rebound immediately.
However, despite how badly I know everyone wants to hear this is over...there could still be more pain ahead. If another market dump begins we could see a lack of support until around $5500-$6000 Bitcoin. One last market puke is often exactly what happens to flush out the last of the weak hands before trends turn. Decide now which side of that trade you want to be on when it comes.
Disclaimer: This is not financial advice and I am not a financial advisor.
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Sources: Google, CoinTelegraph, Sky News, CoinMarketCap
Copyright: Cryptowatch, Bitfinex, AZ Quotes, Twitter
What Twitter should have done a long time ago is to suspend the accounts of the giveaway scammers that flood the comment sections of every single Tweet from a prominent crypto account.
We just gotta live through it! It doesn't matter how much cryptocurrencies are going to get banned, they will still be the future! It's only a matter of time until all of this turns around.
I think so too. My only angst is that I have to focus on paying taxes right now instead of being able to invest at these super attractive prices.
You said it, taxes. All these bans aren’t helping but apparently you and in my opinion, many others are focused on taxes right now.
I hope they keep on banning every single comment con crypto, it will be the selfdistruction we need in order for Decentralized platforms to take over. People only react on pain, so be it. Cheers!
good informations @lexiconical
thank you for sharing
I think crypto is evolving like any economy. It will meet even more resistance as "normal" economies try and hang on for dear life. I think in regard to social media sites stopping ads it makes a lot of sense. Crypto kills their business models.
Wished I had some fiat that I could use to buy me some of that sweet STEEM.
I agree that we could go even lower than this but 1.50$ for STEEM is definitely a good buying point in my opinion.
It was at 1.20 one time I looked, then rebounded a bit. Anything near $1 is an exceptional opportunity.
This dip is a hard one for sure.
But this should be almost over, otherwise steem below 1 and bitcoin below 5k will be real, but it seems kinda crazy for me. I hope this recovers soon.
The current tech monopolies will do anything to preserve their current very profitable status quo and simply masquerade it as its for your benefit and not theirs
Dan-coins - that was a good one :)) At the beginning I did'n know what you mean but then I got it!
Yes cryptocurrencies may be banned, but that is primairily because the governments and banks know that they are the future. The banks and governments know that they will be more valuable and convenient to the public so, they are afraid of the power and impact it will have on humanity. And another thing that I want stress is, if you know you are investing into the write coins, don't be sad that crypto is low, but rather treat this as a great buying oppurtunity. I really enjoyed this post and you definitely earned an upvote/ follow from me!