Leading social network platform Twitter plans to implement its own ban on cryptocurrency and ICO-related advertising, according to one report from Sky News.
Sky News does not indicate a source for the claim but appears to be asserting that Twitter will be making a formal announcement at some point over the next two weeks.
Further Blow to Market Confidence
If the news is confirmed, it likely represents yet another confidence blow for the crypto markets in a week which has seen the price of Bitcoin fall another ten percent to a current price of $7800, with the current combined market capitalisation of all cryptocurrencies standing at a little over $280 bn – a 55% decrease off of its peak of $610 bn in early January.
Whilst this series of bans relates to paid advertising only, it appears that the markets more generally are interpreting these moves as indicative of a much wider trend to restrict both crypto-currencies and ICOs.
In early March, Mark Carney, Governor of the Bank of England, indicated that, whilst the cryptocurrencies may represent a miniscule fraction of overall economic activity, their exponential growth – and nature – have now made the cryptocurrency phenomenon a major topic of discussion for the upcoming G20 summit in Argentina.