Google bans cryptocurrency ads; Bitcoin price stays above $9,000 as the reaction is short-lived

Google turns against crypto announcing the ban on online advertising and promoting everything related to cryptocurrencies and initial coin offerings. 

The internet-search giant explained that the decision was in line with its broader approach towards high-risk financial products marketing. Thus the company also limits the advertising for binary options.

The decision comes into force in June and follows the similar step took by Facebook in January. As a result, two biggest advertising platform will be out of reach for the newly-born cryptocurrency industry.

BTC/USD technical picture

Meanwhile, Bitcoin, the largest cryptocurrency by market value, showed little reaction to Google announcement, paring early gains. BTC/USD is trading around $9,000 pivot with no clear downside bias visible either on intraday or long-term timeframes. The market reaction may become more pronounced when European and American players join the game. In this case, a sustained dip below $9,000 will increase the selling pressure and pus the coin towards the next support at $8,800. The upside is still capped by $9,300.

BTC/USD the hourly chart