iBankCoin
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Joined Oct 24, 2016
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Bitcoin Curb-Stomped Below $8,000 As China Yanks Online Crypto-Ads

Bitcoin fell below $8,000 this evening to a low of $7,861, erasing nearly three months of gains.

The Sunday night drop comes amid news that crypto-related advertisements have stopped appearing on Chinese search engine Baidu and social media platform Weibo, as part of sweeping crypto-crackdowns aimed at curbing speculative trading in the currency, according to cointelegraph.

Furthermore, the People’s Bank of China was told on Sunday that China will be ratcheting up regulatory pressure on cryptocurrency exchange sites and Initial Coin Offerings (ICOs), according to Chinese news outlet Sina.

In September 2017, China banned both ICOs and cryptocurrency exchanges. Some of those businesses responding by relocating off the mainland to Hong Kong. Now, Sina reports, Chinese government plans to mitigate that by banning domestic and foreign “virtual currency exchange websites.”

Meanwhile, the South China Morning Post news site reported that when the terms, in Chinese, “bitcoin,” “cryptocurrency,” and “ICO” were searched on Chinese search-engine Baidu and microblog Weibo, no obvious paid sponsored content came up alongside the expected organic results. –CoinTelegraph

Facebook similarly banned crytptocurrency advertisements last week, citing the giant number of fintech companies on the platform that are “not operating in good faith” –  a move which was received favorably on Reddit’s /r/Bitcoin forum, with users commenting on the large volume of scams they’ve seen floating around social media.

In reference to scam Facebook ads, user erisiamk wrote,

“Anyone who would actually buy because they were convinced by a Facebook ad will probably not research crypto properly and end up making more bad decisions and spreading more FUD.”

On the bright side this Sunday evening, Dow futures have recovered a bit, and are only down $186 as of this writing – having been down over $300 in earlier trade.

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7 comments

  1. insp cluso to you
    insp cluso to you

    And the NAZ just went positive…

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  2. Dr. Fly

    Is it me or are double entendres being deployed tonight?

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  3. ironbird

    Was that Brady getting curbed. Or was it Brady curbing. Jesus dude.

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  4. oilerua

    just me out of the choir or I am watching a circus here ?
    everything completely expected
    I forecast with my balls between my legs and my head on my neck ,, that bitcoin will wallow under 1000$ , sooner then later..
    then when even criminals do not accept it as payment under 100$

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  5. roundwego

    Watch the dollar as world liquidity vanishes.

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  6. oilerua

    @roundwego vanishes what ?
    rofl

    its lucky that I can read ironbird still on this site

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  7. sarcrilege

    easy come, easy go. who could’ve seen the coming? BTC as good as gold. McAfee eating his dick yet?

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