Bitcoin cash was in the driver’s seat Sunday, with prices reaching their highest levels in two weeks as markets shrugged off Google’s plan to shut down digital currency advertising this month.
BCH/USD Price Levels
After a series of dips in quick succession, bitcoin cash (BCH) has rebounded sharply over the past six days. The latest downtrend saw prices bottom near $884, which coincided with the broader market’s recent swing low near $303 billion.
BCH is capitalized at nearly $20 billion, according to CoinMarketCap. Daily trade volumes have picked up to around $884 million, up from roughly $510 million this time last week.
In terms of trading volume, OKEx, Huobi and Bitfinex are largest markets for BCH trades.
The broader cryptocurrency market rose more than $20 billion over the weekend, with the likes of bitcoin, Ethereum and EOS putting up firm gains. At the time of writing, the total cryptocurrency market was worth $351 billion.
Google Ad Ban
Beginning this month, Google will ban all cryptocurrency-related advertising on its search engines as part of a wider crackdown on financial content it has deemed to be harmful. The ban was announced back in March with implementation timeline beginning in June.
“We don’t have a crystal ball to know where the future is going to go with cryptocurrencies, but we’ve seen enough consumer harm or potential for consumer harm that it’s an area that we want to approach with extreme caution,” Scott Spenser, Google’s director of sustainable ads, told CNBC two-and-a-half months ago.
Google isn’t the only tech company to clamp down on digital currency advertising; social media giants Facebook and Twitter have announced similar restrictions.
However, as we wrote back in March, the bans are unlikely to impact prices because the vast majority of traffic to digital currency exchanges comes through credible link building and organic search. According to Similar Web, paid search represents less than 1% of total traffic to crypto exchanges, where trading takes place.
A group of industry experts recently told The Independent, a U.K. publication, that the ban is problematic because Google continues to allow advertising for gambling websites and other unethical practices. One analyst speculated that the ban probably coincides with Google’s plan to introduce its own cryptocurrency in the future.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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