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Facebook’s long running headlines with cryptocurrency ads has persisted through the years peaking during the 2017 bull run and concluding with the tech giant banning crypto related ads from the platform in 2018. However, with the tech giant set to launch their own digital token, Libra, alongside other corporations in the Association, cryptocurrency adverts have slowly crept back on the platform.

Dutch Courts Set Up Measures For Bitcoin Ads on Facebook

While some of the ads are legitimate, recent complaints from some Dutch celebrities show that there are a number of fake Bitcoin ads circulating on the social platform. According to reports from De Rechtspraak, an online law Dutch website, John de Mol, a business mogul in Netherlands won a case against Facebook to ban digital currency advertisements on the platform.

The case file reads that during the end of 2018 and the start of this year, a number of Dutch investors lost close to €1.7 million in total through fake Bitcoin investments on Facebook. The filing from John asks the court to rule on Facebook’s identification of the advertisers accounts and ban the accounts forever.

The courts ruled on Facebook acting on false information published on the platform stating the company must work to identify the false information and ban the accounts. While De Mol’s request may be a bit too specific to cause legal problems, Facebook acted on crypto ads in the country filtering some of the content off the platform which has pushed the court to demand for more action – as it is deemed possible.

Facebook is not obliged to keep the advertisers off forever. According to the preliminary relief judge, that requirement is too far-reaching. However, if Facebook does not follow the measures set in place by the courts, then they are subject to a €1.1 million euros fine.

Facebook In The Spotlight For Crypto Ads

Despite a stringent ban on cryptocurrencies in 2018, the company made a U-Turn on the decision to ban crypto ads citing the “growing nature of the crypto field”. By the end of July almost all crypto ads were back on the world’s #1 social platform including Coinbase and Grayscale Investments.

However, with the company making $4 million an hour, the fine may be too small punishment for the platform. Alex Jimenez, Chief Strategist officer at Extractable said,

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Facebook In the Spotlight for Irresponsible Behaviour Around Crypto Ads

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Facebook In the Spotlight for Irresponsible Behaviour Around Crypto Ads

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Facebook’s long running headlines with cryptocurrency ads has persisted through the years peaking during the 2017 bull run and concluding with the tech giant banning crypto related ads from the platform in 2018. However, with the tech giant set to launch their own digital token, Libra, alongside other corporations in the Association, cryptocurrency adverts have slowly crept back on the platform.

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Lujan

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CoinGape

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Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.

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The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.



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Lujan Odera , 2019-11-12 13:14:41 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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