Is cryptocurrency just a fad? Now that regulators are after the crypto market and Google, Facebook, and lately Twitter has been banning crypto advertising, does it really mean that we have seen the best of Bitcoin and other cryptocurrencies?
After Twitter announced that it is banning crypto advertisement in its platform, the cryptocurrency market struggled with a total market capitalization swinging between $280 billion to $350 billion. But what investors could be happy about the current state of the crypto market is that it hasn’t fallen to new lows, though it hasn’t also risen to new levels.
Bitcoin has continuously dropped within below $8,000 range in recent days. As for Ethereum, Twitter and the release of an ASIC chip have dropped the price of the leading altcoin in the last few days as well.
Fewer Crypto Job Opportunities
Given the rise of cryptocurrencies in 2017, many job opportunities within the niche opened. According to a data released by Coindesk, blockchain jobs posted in the US increased by 207% since 2016 and 631% since November 2015.
However, in recent months, things were quite different. The number of jobs is no longer as many as before. It seems that many crypto-related job opportunities have declined mainly because of several factors that caused crypto price to slide significantly.
To give you a perspective regarding the popularity of cryptos during Bitcoin’s peak by the end of 2017, there were 39 searches per million for the term “bitcoin” and 46 searches per million for the term cryptocurrency. However, since then, the searches have dropped by 71% and 41% respectively.
Companies are Fighting Back
However, it is worth mentioning that many cryptocurrency associations and companies aren’t giving up without a fight. Those companies and organizations related to the crypto-market from South Korea, Russia, and China have all teamed up in order to file an action lawsuit against internet advertising companies and social media platforms that decided to take out ICOs and crypto advertising. This collaborative effort was a result of the recent crypto conference in Moscow.
This formed Eurasian Blockchain Association plans to file a lawsuit in the US by May. The association members include Russian Cryptocurrency and Blockchain Association (RACIB), the Korea Venture Business Association (KOVA), and the Chinese Association of Cryptocurrency Investors (LBTC).
The group has come up with funds that will be used for the lawsuit. They are also accepting donations from other interested parties. According to RACIB President Yuri Pripchachkin, “we think these four companies are using their monopoly power and have colluded to manipulate the market”.
It is true that the future of the crypto market today looks unstable considering the strict regulatory changes as well as the recent move by Google, Twitter, and Facebook. Does it mean that we can expect cryptocurrency price to slide down further in the next coming weeks?
There are many issues surrounding the crypto market that warrants the move by these social media and internet giants to get rid of cryptocurrencies from their advertising programs. Scams, the possibility of being used by money launderers and tax evaders are just some of the most common reasons why cryptocurrencies are still not getting the acceptance of these companies.