Because of Google banning of crypto-ads, bitcoin investors lost more than $60 billion in less than 24 hours.
This week was hard for bitcoin investors. After Google to ban cryptocurrency advertising, bitcoin price dropped over 13% in the past week and today it lost more than 55% compared to December highs.
On Thursday bitcoin was traded at minimum $7,676.52, but only a few months ago its price was over $19,000.
This week bitcoin investors lost more than $60 billion in less than 24 hours. It is not surprising that many investors get into panic mode.
Many investors consider Google banning unfair.
Thus, Larry Heinzlmeir from HashChain Technology compares Google and Facebook policy with Orwell's Big Brother: "My only concern is that in banning all crypto ads – legitimate and not – you are painting the entire industry with a single brushstroke, which is troubling and reminiscent of big brother."
In opposition, Ivan Suhharev, director of Paxful, a platform focused on buying and selling bitcoin, consider that these events are good in the long-term: "Overall, it is a good start to bring more order to the growing cryptocurrency industry because once the scam companies have been removed organically, the legitimate ones can take their rightful place."
Some players from Wall street support bitcoin and have optimistic attitude.
Thus, Thomas Lee, co-founder of Fundstrat Global Advisors, says that Fundstrat's bitcoin misery index shows the sell-off is a terrific buying opportunity for long-term investors: "The BMI is telling us to keep the negative headlines in perspective. When the BMI is at a 'misery' level, future returns are very good."
According to Fundstrat's forecast bitcoin price will be $25,000 by the end of 2018.