Following Google's announcement of lifting the ban on Bitcoin and cryptocurrency ads on its website platform, the prices of major coins have skyrocketed dramatically. The total market cap has increased from $1.664 trillion to over $1.742 trillion, indicating a massive and bullish growth in the entire market of about 5%.
Google has lifted a ban on crypto asset ads related to exchanges and wallets, on the condition that they’re fully licenced and legally registered with Financial Crimes Enforcement Network (FinCEN), the United States Financial Intelligence Unit. However, the initial coin offerings (ICO) have remained barred.
After receiving the good news from Google, the crypto community was excited because it is a major indicator that shows that multinational companies support and embrace cryptocurrencies. This brings in unmatched confidence and trust among the entire cryptocurrency users and investors to start using and investing in digital currencies.
Putting in mind that there are about 4.4 billion internet users worldwide, the number of people using Google is almost 4 billion. YouTube registers more than 1.95 billion active users per month. As per Google usage statistics, the United States alone has over 246 million unique Google users. This number means a lot to the cryptocurrency industry especially when the crypto asset companies and businesses take advantage of this platform to advertise their crypto-related products as the Google users will be attracted to buy, invest or sell in such advertised products hence boosting the digital currency industry.
Due to the excitement happening in the crypto community because of the green light from an American multinational tech firm specialising in Internet-related services and products including online advertising techs, more and more people have started to use cryptocurrencies, which has triggered some coins to skyrocket with big gains.
For instance, following the news, KuCoin Token (KCS) has gained by about 31.16% and its trading volume, price and market cap has increased to about $33.1M, $9.88 and $774.5M, respectively.
The price of OKB (OKB, $17.26) has also gained by 28.75%, Fantom’s (FTM, $0.3878) price has soared by 25.9%, Kusama (KSM, $467) has increased by about 21.19%, and Curve DAO Token (CRV, $2.67) has surged by 20.54%.
Bitcoin (BTC), the largest cryptocurrency by market cap, is also starting to gain traction. Following the news, the BTC/USD price has increased by over 4.14%. It is currently changing hands at about $38,623 with a market cap of $722.78B and volume of $35.77B and is still dominating the market by 41.6%.
Other popular tokens among the top 10 cryptocurrencies in the market are also back on track. The gains are unprecedented. Ethereum (ETH) has gained by 5.68%, Binance Coin (BNB) has increased by 10.85%, Dogecoin (DOGE) by 6.58%, Polkadot (DOT) by 14.71% and Uniswap (UNI) by 2.5%. All the top coins are trading in green except Cardano (ADA, -0.10%), but it is also increasing slowly. Its price was at a low of $1.77 but after the news, it's now standing at about $1.8.
Generally, Google’s relaxing of crypto-asset ads restrictions is a sign of a general warming up to the digital currency industry.