Wednesday, 27 May 2020

Crypto FIGHTBACK: Bitcoin price RISES to $6,300 as Facebook LIFTS crypto-ad ban

Bitcoin and cryptocurrency prices rose to $6,300 (£4,769) on Friday and $6,250 (£4,731) on the weekend, meaning positive news for all cryptocurrencies after Facebook lifted its ban on crypto advertising.

According to reports, Bitcoin witnessed a 9 percent price rise, Ethereum was up by 7.3 percent and Ripple 5.5 percent.

Bitcoin Cash rose 14.6 percent, and Cardano was also up 14 percent.

On Wednesday, Facebook announced that it had lifted a five-month cryptocurrency advertising ban on its platform.

The social media site, along with Google and Twitter, had imposed a crypto-ad ban which significantly impacted the market in 2018.

Previously the market slump had been blamed on a multitude of factors including South Korean hackers to market saturation. reported that when rumours began circulating of a Facebook ban in January, the value of cryptocurrency began to drop

When Facebook officially announced the ban on January 30, the market plummeted by £340billion - around 50 percent of its entire value.

Cryptoslate, a leading crypto site, published a report saying that the top 70 cryptocurrencies and turned from negative red to green rating in just 24 hours.

The top-20 cryptos enjoying a seven-day value increase included Bitcoin, Iota, Tether, Monero, Dash, Ethereum Classic and Ontology.

The rise in Bitcoin price on Friday belied that morning's valuations, with Bitcoin currency dropping to $5,000.

But, the rise in price went against the predictions of the Bank of England.

Barclays Bank claimed that prices would fall further and, "the rout in crypto currencies is still not finished."

Nevertheless, the price rose by $1,300 by that very same Friday evening - leaving investors much to mull over before the start of the new trading week.

Legal disclaimer: The insight, recommendations and analysis presented here are based on corporate filings, current events, interviews, corporate press releases, and what we've learned as financial journalists. They are presented for the purposes of general information only, and all the information belongs to the original publishers. These may contain errors and we make no promises as to the accuracy or usefulness of the information we present. You should not make any investment decision based solely on what you read here.

Creamcoin Marketcap