The short term for cryptocurrency is very risky, and while odds may be favorable, some events can turn the market in bearish sentiment and new investments to back down.
There are also rumors or news that may be so important that change the course of the trend from negative to positive.
Currently, the market has found support, and for two weeks, it has stopped dropping.
There is today some positive news that can change the sentiment from the extreme fear we see today into a better one.
Google will lift restrictions for crypto exchanges and crypto wallet advertisements on its product. This is a big move for the crypto market and while Google does not change its stance on ICO and other crypto projects advertisements, it is now going to allow US-regulated exchanges to advertise on its platforms for the US audience.
This news will not have the same effect as the PayPal announcement from the previous summer or the Tesla announcement buying BTC, but it is a very positive sign of acceptance of the cryptocurrency industry.
Back in 2017, we had the ICO mania. Everyone was buying into Initial Coin Offerings and was expecting huge returns. Something similar we have seen in 2020 and 2021 with DeFi and NFTs.
The huge percentage of scam projects that were involved with the ICO business in 2017 and the billions these scams extracted from investors was confronted by mainstream media by banning all crypto-related ads from their networks. Most of the fraudulent ICOs were advertised massively through social media and popular platforms.
Google, Facebook, and more platforms proceeded with a blanket ban of all crypto-related material from their advertising networks.
The time of this ban was very close to the top of the 2017 bull run, and the altcoin bubble was at its peak.
It was time for Google to allow the regulated businesses to advertise again, and it will begin on August 3rd, 2021.
“Google specified that the ad ban still exists for initial coin offerings and services that aggregate or compare issuers of cryptocurrencies.”
It is an important step for the industry. Adoption comes with a certain amount of regulation that was always expected. Cryptocurrency exchanges are financial institutions and regulated by the laws of their base of operations.
Advertising will become available only for exchanges and some services that are under the supervision of the US financial authorities.
Advertising on Android, YouTube, and any other platform google runs is positive news for the industry, especially during these difficult times.
Google with revamping its internal advertising policy on the Crypto industry helps to make a step forward by providing more legitimacy.
It is also not going to expose its audience to unregulated ICOs that turned out to be scams and extremely high-risk investments. Overall, this is bullish for the market and I’m expecting the sentiment to be bullish again soon, as this correction phase comes to an end.
Lead Image: Source (modified)