Cryptocurrency Market News: Facebook, Twitter, and Google facing a $600 million lawsuit over the ban of crypto ads

Here is what you need to know on Thursday 23, July

BTC/USD has been relatively stable, dropping to $9,261, right where both the daily 12-EMA and the 26-EMA are currently converging to create a bull cross.

ETH/USD remains trading at $245 and it’s still eying up $250 as the next crucial target.

XRP/USD climbed above $0.20 but it’s unclear if it will be able to sustain this price as there is a lot of selling pressure nearby.

Travala.com makes its way into our top gainers with a 27% price surge to $0,74 and aims to hit $1 in the near future. VeThor Token, somewhat forgotten, has also seen a significant value increase touching $0.0015. 

Chart of the day: XTZ/USD 2-hour chart

Market

After banning the advertisement of cryptocurrency projects, Twitter, Facebook and Google are now all facing a $600 million lawsuit by many Australian businesses represented by JPB Liberty, law firm. According to the firm, the businesses were greatly harmed because of the ban on crypto and are seeking damages amounting to $600 million. 

Google already lifted its ban two years ago but only allowed regulated exchanges to advertise. Twitter, even though its CEO is vocally supporting crypto, has not lifted its ban just yet. 

As reported earlier, banks in the US should now be able to provide custody services for cryptocurrencies. According to a report by Reuters, Jonathan Gould, the Senior Deputy Comptroller, and Senior Counsel wrote a letter addressed to an unidentified bank, stating that the demand for new technology like cryptocurrencies is increasing and banks will need to provide these services. 

Industry

According to a recent press release, Bitrump, a cryptocurrency exchange will offer white label exchange architecture to the UAE crypto market. 

Offering the white label architecture we want to extend our assistance and expertise in crypto technology to enterprises and entrepreneurs in based locally to start their very own exchange at half the cost and effort, mentioned Xavier Perry, the Director of Bitrump.

PayBito, another cryptocurrency exchange is extending its services to the Indian crypto industry. India has experienced a rapid growth in cryptocurrency adoption in recent years despite some legality issues in the past. 

Quote of the day

What can’t kill Bitcoin, makes it stronger.

– Mark Wittkowski