What Does Google’s Сrypto Ban Mean For The Market?

A few days ago, Google announced that it would be banning all cryptocurrency related adverts starting in June this year. This news has disoriented an already weak market that is suffering from weeks of low trading volumes. We are now at a point where even long term HOLDers are no longer sure about the future of this market. So what could the long-term implication of this announcement? Well no one really knows with certainty, but three scenarios could play out.

The first one is that the market could collapse. You are probably thinking, that’s too extreme! But look at it this way, what caused the market to surge in the first place? Was it new developments or adoption of the tech? The answer is NO! The reason the market has surged to its current levels is because, once bitcoin rose from $1000 to around $4000, the media started taking interest in it, and new money started flocking in. As more people started pumping money into crypto, the market rose. The peak was in December when coins like Ripple rose from lows of $0.20 to a high of over $3. Now that we are clear on what played a role in the recent market rise, you can understand that the recent ban of crypto advertising cryptos on Google will reduce the amounts of new money coming in. Remember those volumes have already declined significantly after Bitconnect collapsed, and after a string of bad news such as the Chinese crackdown on exchanges and the recent hacks of two crypto exchanges. In essence, the recent ban by Google could easily be the final nail to the much needed new money that can help push the market up again.

The second scenario could be the rise of good quality cryptos. Let’s face it, it was becoming annoying with all the scam ICOs being pushed through sponsored ads. This was actually having a negative impact on the market since, the more people lost money to such ICOs, the more they lost faith in crypto. As such, one can argue that Google’s ban is welcome news for good projects looking to raise money through ICOs. This ban could actually help rebuild confidence in crypto and bring in new money, money that could help push up the value of the market.

The last scenario could be the death of the altcoins market. The market is at a point where anyone who knows even the tiniest of things about cryptos, knows about bitcoin. Bitcoin is a point where it doesn’t need any advertising, it is beyond that. Therefore, there is a good possibility that we will see a surge in its value, as the rest of the market gets starved of attention. The Google ban could easily be the best news that bitcoin holders have heard in while, albeit disguised as bad news. But before you get excited, just know that it is not possible you determine the direction the market will take at this point. The best you can do is either be brave and HODL, or wait on the sidelines for the market to give direction.