Crypto-investors around the world witnessed yet another drop in the prices of cryptocurrencies with Bitcoin once again leading the drop. Bitcoin fell below $ 8000 for a brief period on Wednesday as more bad news rattled on global crypto-market. The crypto-market began to fell after Christine Lagarde, Managing Director of International Monetary Fund (IMF), in her blog-post, called for a global crackdown on cryptocurrencies. She branded cryptocurrencies as “major new vehicle” for money laundering and the financing of terrorism. Lagarde was in no mercy mood as she revisited the disgraced dark-web market of AlphaBay, which was used to launder more than $1 billion before it was pushed out of operation. She also said that extreme volatility of cryptocurrencies can make the financial system vulnerable. And those who thought Lagarde’s statements would not lead to a big fall were proven wrong when Google decide to enter the discussion.

Hours after Lagarde’s harsh statements, Google, world’s largest online advertising platform, announced that it, following the path of Facebook, will no longer allow crypto-currency related ads across any of its platforms. This created a ripple effect as crypto-markets embarked on a downward journey. Google and Facebook together controls about 60-70% of online advertising. After Facebook’s decision in January to ban all crypto related advertising and Google’s recent announcement would slash cryptocurrencies’ online advertising to half. The two giants have bowed to increasing pressure on them to take a firm stand against crypto-scams expanding online. Both are now aiming to purge their networks of scams, misleading ads and political propaganda.

However, experts in crypto-community have welcomed Google’s decision with open arms as they believe it is open to argument whether internet helped in growth of cryptocurrency or not but it is certain that internet increased fraudulent services to low-informative audience.
From a neutral point of view, Wednesday’s scrutiny does not bring any major change in crypto-world. The only thing which changed is that you won’t be seeing crypto-related ads on your screens from June. Less ads to watch, isn’t it nice?