Bitcoin has been all over in the news nowadays as the sudden fluctuations in its price, Elon Musk manipulating the market, and China’s new policy has taken the crypto world with a shock. You can visit https://profit-secret.com/to enjoy bitcoin trading. Another news came from the United Kingdom, where a crypto advertisement was banned for not highlighting the risks involved in crypto trading and investment. You can read all about this and other latest crypto news in the following paragraphs.
Posters of a crypto exchange get banned.
Cryptocurrency is highly popular all over the world, and it was proved when an advertising campaign was run in the UK in which a poster was seen on a bus saying, ‘it’s Time to buy. When the authorities came to know about this, they took strict action and immediately banned the advertisement. They believed that the ad was misleading and irresponsible as there are several risks related to bitcoins that were not addressed in the ad. The ad posters were for promoting UK-based cryptocurrency exchanges known as Luno. The posters were seen all over London Street and buses, which has an animated image of bitcoin with an above-mentioned statement written on it.
The Advertising Standard Authority made it clear that such advertisements would not be accepted in such a form as if they want to post such ads, they must mention the risks too so that the audiences will know about the risks and would be able to take the right decision. A week before this happened, bitcoin witnessed a fall of 30% within a single day, and the governor of the Bank of England warned that the crypto investors must be ready to lose all their money.
The ASA said that it received over four complaints about the misleading ad on a running bus. On investigating the issue, ASA also found that the ad was misleading as it didn’t highlight the risks. If a person doesn’t have any knowledge about the crypto market and bitcoin, he will be induced to invest in bitcoin after seeing the ad, which can be quite risky and make him lose all his money. The advertisement claimed it was easy and simple to invest in bitcoins through Luno and make profits which is not true at all.
Luno is apologizing and learning from the mistake.
After the strict actions taken by the ASA, Luno realized its mistake and ensures that it will not long post any ads in such form. Moreover, it also assured the ASA that all its further ads would have all the risks clearly mentioned. Bitcoin is quite complex, and it is not an easy task for a beginner to make a profitable investment in it. So, crypto exchanges need to be responsible and careful while posting ads and ensure that it has all the risks mentioned so a novice user will be aware of all the risks before blindly investing into bitcoins.
Bitcoin showing high volatility
Bitcoin has always been a volatile cryptocurrency, but this time it has shown some wild fluctuations, and no one was prepared for them. The last week of May, triggered a sell-off in the crypto market after the Chinese Authorities placed a ban on crypto and advised its banks not to process any crypto transaction. In February, Elon Musk helped the bitcoin price to reach its peak after he announced that his company Tesla had invested over $1 billion in bitcoins, and his company will now accepting bitcoins as a payment method. Soon after that, he changed his mind and posted a tweet saying that Tesla will no longer accept bitcoins as bitcoin mining has a negative impact on the environment. It was a huge blow for the crypto market, and bitcoin’s price collapsed and reached $31000 from a whopping $60000.
However, in Mid-May, Elon Musk was once again successful in bringing some massive fluctuations in the bitcoin market after he announced that he held a meeting with a group of Bitcoin miners in North America, and they discussed the ways to make bitcoin mining more environmentally friendly. It gave some positive signs to the investors, and bitcoin’s price was again boosted after the announcement came from the Tesla Boss.
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