Over the weekend, the price of bitcoin and other cryptocurrencies continued to slide. Bitcoin reached a low of $7,840 while ethereum traded below $460.
The continued slide was attributed to the recent regulatory announcements and the policy changes by Google and Facebook.
Early this year, Facebook announced that it would ban ICOs and other crypto-related advertisements from its services. Last week, Google followed suit with a clampdown on crypto advertising across all of its ad platforms. Marketing via Twitter is still allowed, however, a similar policy is perhaps to be expected in the near future.
The news directly affects how cryptocurrency networks and ICOs advertise their products. Before the policy changes, companies could expect maximum outreach by creating a Facebook or Google ad – but things have changed. The revised regulations combined with increased scrutiny from regulators and observers make it difficult to see a silver lining in the cryptocurrency industry.