Following an already bearish week, Bitcoin has continued struggle to keep its value intact as the oldest cryptocurrency’s price fell below $7,700 after opening at $8,196. Bitcoin price fall has been attributed to Google’s recent crackdown against cryptocurrency and ICO advertisements along with IMF’s and SEC’s push for Bitcoin regulation.
Analysts believe that while such moves from technology companies and government and global authorities will hurt the current BTC price in the short term, it is beneficial for consumers and blockchain platforms themselves in the long run. These regulations and stricter control will assist the cryptocurrency community in weeding out fraudulent actors and scammers in the crypto space.
In a statement to the press, the search giant Google said:
“This year, we updated several policies to address ads in unregulated or speculative financial products like binary options, cryptocurrency, foreign exchange markets and contracts for difference (or CFDs). We also updated our gambling ads policies to address new methods of gambling with items that have real-world value (e.g. skins gambling).”
Negative effect of the news didn’t only extend to Bitcoin but Ethereum also faced the consequences. After a disappointing week in which Ether got devalued by more than 10%, the cryptocurrency opened at $615 today only to take a nosedive in terms of value. Struggling to stay above $600, Ether price hit the lowest at $579.51 in the early morning but since then it has recovered a bit to cross $600 mark by a few dollar margin.
Price falls of cryptocurrencies in last few days have once again brought on a debate whether this is a temporary predicament that has occurred because of a few discouraging news and developments or it’s a cryptocurrency bubble that’s about to burst.
“The general public is now realizing that this is not a risk-free, get-rich-quick, investment opportunity and general interest has since diminished,” opined Lucas Nuzzi, a senior analyst at Digital Asset Research.
According to Google search trends the interest in Bitcoin from public is now waning and it would be interesting to see how that affects Bitcoin and other cryptocurrencies. There are two opinions on this as well as some analysts believe that dwindling popularity could take a toll on coin performance and volatility of the market may turn general public against the cryptocurrency. However, some crypto analysts are of the view that this way only legitimate people who care about the technology and cryptocurrency space will dictate the market and uncertainties and scamming schemes surrounding crypto world will decrease.