Bitcoin recovers as Google and Facebook change stance towards cryptocurrencies

Monday, July 23, 2018 9:59 AM UTC

Social networking giant Facebook has whitelisted cryptocurrency exchange Coinbase after it lifted its ban on crypto ads recently, FxStreet reported.

Coinbase CEO Brian Armstrong last week said in a tweet:

Facebook banned ads for crypto earlier this year. Proud to say we've now been whitelisted and are back introducing more people to an open financial system ???? pic.twitter.com/JqF5ssAqqh
— Brian Armstrong (@brian_armstrong) July 20, 2018

Earlier this year, Facebook announced a new policy to prohibit promotional activities on initial coin offerings (ICOs) and cryptocurrency. Last month, reports suggested that the company has revised the policy – allowing cryptocurrency ads on its platform, which the ban on ICO ads still stands.

Google adds crypto support to online currency exchange converter

FxStreet also noted that Google has added Bitcoin (BTC), Bitcoin Cash (BCH), and Litecoin (LTC) to its online currency exchange converter. When a user searches these cryptos on Google, it automatically displays their exchange rates in the user's local currency. The rates, however, differ from CoinMarketCap data.

Earlier this month, Google co-founder Sergey Brin admitted that the company “failed to be on the bleeding edge” of blockchain technology and confessed that he had been mining Ethereum with his son.

Google updated its Financial Services Policy last month prohibiting ads relating to “Cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice)”. The ban still stands.

Bitcoin soared by over 5 percent and has hit a high of $7786 levels so far in the day (Bitstamp) and is currently hovering around $7700 levels.