Yet another social media network has announced that they will be banning cryptocurrency ads from their platform. Following the announcement made by Snapchat, Monero prices plummeted down by over 8% in a span of 24 hours. From a high of $235 per coin, the altcoin has found support near the $212 mark by the end of Wednesday.
The first company to put a ban on cryptocurrency ads was Facebook. Google was soon to follow and made a similar announcement regarding policy updates to cease entertaining further ads related to digital assets including cryptocurrencies, binary options, and the likes. Twitter followed up this trend, and Snapchat is the latest entry in the expanding list.
Facebook, who were the initiators of this practice stated that, “there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith [..] this policy is part of an ongoing effort to improve the integrity and security of our ads, and to make it harder for scammers to profit from a presence on Facebook.” All the other companies are also likely to enact based on a similar sentiment.
However, it should be noted that all the legitimate ads campaigns related to bitcoins and altcoins also happen through these platforms, and banning all cryptocurrency based ads does impact the community. Naturally, the buyers experienced distress which led to the bearish fall of Monero prices.
Currently, XMR prices are within the 50 and 100 moving average trend line that crisscrosses at $219. It is expected that after the selling pressure has settled, the prices will start rising. However, the large gap between the trend line depicts that it will be a long time before we see a bullish climb. As stated, Monero prices have found refuge near the $210 mark; however, experts are expecting a further decline to around $200 mark.