On Friday (June 29) Bitcoin hit $6,300, and went into the weekend at a healthy $6,250, a fair reflection of all of the main cryptocurrencies, who all ended the day on the upswing. Although still early days, could the market already be seeing the positive effects of Facebook lifting its crypto-ad ban?
Three days ago, the news that Facebook had lifted its 5-month cryptocurrency advertising ban barely made a ripple in the world’s business and finance media platforms. Even crypto news sites barely reported on it, but for different reasons; many cryptocurrency writers have had their heads firmly buried in the sand over Facebook, Google and Twitter’s crypto-ad ban and the devastating effect it has had on the market in 2018.
Most writers have blamed the 2018 market slump on everything from market saturation to South Korean hackers, carefully avoiding the three Enormous Elephants In The Room. BitMoneyNews.com has never shied away addressing the situation, and the inescapable fact is that as soon as rumors began circulating in January of a Facebook ban, the crypto market cap began to shed like a Persian cat in the summer. By the time it became official on January 30, the crypto market was down by $340 billion – almost 50% of its entire value.
Bitcoin & All Top Altcoins Finish Friday “In The Green”
CryptoSlate.com is one of the very best websites when it comes to the crypto rankings and why coins are where they are. To the right of the rankings page are the columns that indicate a 24-hour Value Change, and a Seven-Day Value Change. A positive number is highlighted in green, while a negative number is highlighted in red. On Friday, every single crypto ranked inside the top-70 had green readings over 24-hours, unheard of in 2018.
Examples included Bitcoin enjoying a 9% price rise, Ethereum up by 7.3%, Ripple 5.5%, Bitcoin Cash 14.6% and Cardano up by 14%.
Even the seven-day column showed a surprisingly high amount of green. Top-20 cryptos enjoying a seven-day value increase included Bitcoin, Iota, Tether, Monero, Dash, Ethereum Classic and Ontology. It will be very interesting to see how much more green seven-day valuations appear as Facebook’s announcement becomes a week old.
Was Friday The “Chairman Mao” Moment?
One of THE great historical quotes is often attributed to Mao Tse Tung, although it’s more likely Chairman Mao borrowed it from Confucius or even Lao Tzu, some 600 years BC. Whoever said it first, it’s a truly great quote, and summarizes where Bitcoin and indeed cryptocurrency is at right now:
“A journey of a thousand miles begins with a single step”
For Bitcoin to get back to a coin valuation of almost $20,000, and the combined crypto market to get within touching distance of a trillion dollars will likely be a long journey, but that collective “first step” may well have happened with that sea of green on Friday evening!