Market moves
Ulrik K.Lykke, Executive Director at digital assets/crypto hedge fund ARK36, said:
“At the moment, we’re seeing a strong consolidation trend in the Bitcoin market at the upper $35-38K levels. BTC has also been regularly testing the $40K resistance. Interestingly, the larger digital asset market didn’t respond negatively to Tuesday’s comments from SEC chair Gary Gensler where he openly announced his plan to start aggressively regulating these markets.
Similarly, we are not seeing the expected negative response in the markets in the wake of the regulatory scrutiny Binance is currently facing. Strong consolidation combined with resilience to seemingly negative news may hint that the markets are preparing for the next leg up although caution is of course still advisable.”
Google allowing crypto companies to advertise
Ulrik K.Lykke, Executive Director at digital assets/crypto hedge fund ARK36, said:
“News like Google changing its ad policy to accommodate crypto may reinforce the positive sentiment. As Bitcoin is gaining 100-150 thousand new users daily, it’s become clear that there’s no more stigma associated with digital assets, which is why the big tech giants are starting to lift the bans on advertisements on them.
Still, it is important to recognize that so far, Google has only allowed advertising for “cryptocurrency exchanges and wallets targeting the United States”. It will likely take much stronger news than that to push the markets higher.”
Joshua Scigala, Co-Founder of the TheStandard.io, a DeFi infrastructure project which provides a bridge between traditional physical investments and crypto said:
“It’s about time that Google un-bans crypto in their advertising: it would be like Google banning websites because some websites are scams. This technology is so important for the future of the internet, it is inconceivable that Google banned it in the first place rather than taking it on a case-by-case basis. So good news.”
Lucia della Ventura, PhD researcher on Decentralised AI at Trinity College Dublin and Legal & Compliance Manager at treasury technology specialistLedgermatic, said:
“Google’s updated policies on crypto ads mark another step forward for Fintech. Its strategy to allow ads for crypto companies which meet specific criteria under FinCen requirements can lead to a two-fold aim. First, it can give crypto firms more opportunities to promote their services under an already regulated space. Secondly, banning the ads for ICOs is in line with the current lack of a cohesive regulatory framework as ICO is one of the main subject of discussion in the blockchain sector. This choice highlights Google’s awareness of this legal vacuum without giving up to offer its ads services. This is also an excellent data capture opportunity. That data set will be invaluable to crypto companies.”
Ruud Feltkamp, CEO of automated trading bot Cryptohopper said:
“It’s great to hear that Google is getting less tough on crypto companies. However, we still are banned from advertising, even though we’re a legitimate company with a popular product. I think that Google should look critically at this and not blindly ban everything that is not a crypto exchange. So many companies in the market are unable to advertise, even though some offer wonderful products. I don’t think this is fair.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
