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Bitcoin falls back as another big brand bans crypto ads

Summary:

  • Bing announces to ban all cryptocurrency-related advertisements as it finds them disruptive to its clients
  • Fed’s Lael Brainard delivers her thoughts with regard to digital currencies
  • FedEx keeps actively testing blockchain as it doesn’t want to be left behind

Until today there were really big names which decided to crack down on cryptocurrency-related ads including Google, Twitter or Facebook. It turns out that it isn’t the end of the trend as Bing, the search service owned and operated by Microsoft, is going to follows in them footsteps. Bing, which provides a wide array of search services including web, video, image and so on, issued its official statement being prepared by advertiser policy manager Melissa Alsoszatai-Petheo where it wrote that "because cryptocurrency and related products are not regulated, we have found them to present a possible elevated risk to our users with the potential for bad actors to participate in predatory behaviours, or otherwise scam consumers". The prime goal is to "help protect our users from this risk, we have made the decision to disallow advertising for cryptocurrency, cryptocurrency related products, and un-regulated binary options", the statement said. One can be sure that kind of reports aren’t supportive of the whole digital currency industry as they make it harder to get cryptocurrency adoption.

link do file download linkBitcoin failed to break above $8800, and one may spot a possible bearish signal being drawn at a H4 time frame. We mean a crossing of 50 and 200-period MA which could herald a more long-standing pullback. Source: xStation5

Fed’s Lael Brainard delivers her thoughts with regard to digital currencies

At the start of this week we were offered Bullard’s remarks with respect to cryptocurrencies which proved to be mixed on balance they underpinned virtual coins a bit. Over the course of the past hours another Federal Reserve member shared its views on this topic. According to Brainard while cryptocurrencies highlight powerful technologies they simultaneously pose serious challenges. She singled out the same phrase Bullard did namely Bitcoin (others coins alike) price swings limit its use as money. Brainard also said that cryptocurrencies need to be monitored even though they do not pose a threat to financial stability at this stage. Finally she also brought up an issue of a Fed-issued digital currency aka FedCoin suggesting there is no a compelling need to push for it.

link do file download linkAfter a breakout of $145 Litecoin seems to be doomed to failure heading toward $105, the lower bound of range trading. Do notice that a broader sell-off across major cryptocurrencies suggest that bulls may have conceded at least for a while. Source: xStation5

FedEx keeps actively testing blockchain as it doesn’t want to be left behind

FedEx, the logistics giant, keeps testing various ways to use blockchain in order to revolutionize the entire industry. As per the company CEO, being interviewed by Bloomberg at a blockchain conference in New York, FedEx is "quite confident that it has big, big implications in supply chain, transportation and logistics". Notice that according to Deloitte’s estimates as much as 10% of global GDP may be built on blockchain applications hence it makes sense for logistics companies to tap into the technology as early as possible.

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