Friday, Aug 19, 2022
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Over 400 Crypto Ads Violated Guidelines, Says ASCI; Bitcoin Falls

The price of Bitcoin fell by 0.04 per cent, while Ethereum was down by 1.31 per cent in last 24 hours

According to the Advertising Standards Council of India (ASCI), more than 400 digital influencers have used various social media platforms to advertise cryptocurrencies.

The Advertising Standards Council of India (ASCI) has said that more than 400 advertisements pertaining to cryptocurrencies by digital influencers on different social media platforms had violated their guidelines in the first five months of 2022.

Between January and May 2022, ASCI received 453 complaints. Out of them, 419 were found to violate one or more crypto or influencer criteria, with the majority of complaints being made against social media influencers, Economic Times quoted ASCI CEO Manisha Kapoor as saying.

In other news, cryptocurrency exchange Banxa (BNXA) has slashed over 70 staff in preparation for a sharp market decline, according to the Australian Financial Review.

The change affects 30 per cent of the workers at the Melbourne-based business. When the cryptocurrency market reached an all-time high last year, the company’s personnel count soared to over 230.

Furthermore, Klaytn, a Singapore-based public Blockchain platform, and OpenSea, a non-fungible token (NFT) market, have established a cooperation to support the Asian NFT ecosystem.

Crypto Prices

The price of Bitcoin in the cryptocurrency market fell by 0.04 per cent in the last 24 hours, and it was trading at $21,420.21 at 5:00 pm IST. According to Coinmarketcap.com, its dominance in the crypto market is currently at 42.47 per cent, up by 0.10 per cent in the last 24 hours.

Ethereum (ETH) was trading at $1,229.04, down by 1.31 per cent, while Binance Coin (BNB) was down by 0.18 per cent in the last 24 hours, and it was trading at $239.11. Solana (SOL) was down by 0.84 per cent to $40.60, while Cardano (ADA) was up by 2.32 per cent to $0.5043.

Meme Coins

Dogecoin was trading at $0.07709 at 5:30 pm IST, up by 6.49 per cent on Coinmarketcap.com. Its rival, Shiba Inu, was down by 2.87 per cent, and it was trading at $0.00001143. Samoyedcoin was up by 22.62 per cent, and it was trading at $0.008402, while Dogelon Mars was down by 6.081 per cent, and it was trading at $0.0000003761.

Overall Scenario

According to Coinmarketcap.com, the global crypto market cap was at $961.17 billion, a decrease of 0.29 per cent in the last 24 hours, while the total crypto market volume was $53.72 billion, an increase of 11.47 per cent.

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