News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
Real Time News
  • Implementing a trading checklist is a vital part of the trading process because it helps traders to stay disciplined, stick to the trading plan, and builds confidence. Learn how to stick to the plan, stay disciplined, and use a checklist here:
  • Long position of Chinese Estate's (0127 HK) in Evergrande drops from 8.15% to 7.96%
  • $AUDNZD short surely the most consensus trade out there - Diverging CB policy path well embedded - 140bps of NZ tightening priced in by end-22 leaves little room for error - Bar any extreme risk aversion, parity is rare - $AUDNZD bottom after RBNZ hikes in Oct? (13/14 again)
  • 💶 Balance of Trade (JUL) Actual: €20.7B Previous: €18.1B
  • Heads Up:💶 Balance of Trade (JUL) due at 09:00 GMT (15min) Previous: €18.1B
  • ECB's Rehn says Long Term Inflation Expectations are below the ECB's target $EUR
  • 🇭🇰 Unemployment Rate (AUG) Actual: 4.7% Previous: 5%
  • Ever wonder if there are other chart types that can be used for technical analysis? HLOC charts are discussed in the following article as well as their pros and cons. Learn more here:
  • Heads Up:🇭🇰 Unemployment Rate (AUG) due at 08:30 GMT (15min) Previous: 5%
  • 🇮🇹 Balance of Trade (JUL) Actual: €8.762B Previous: €5.681B
Facebook Bans Cryptocurrency Ads, Market Support Levels Creak

Facebook Bans Cryptocurrency Ads, Market Support Levels Creak

Nick Cawley, Strategist

Facebook Ban/Cryptocurrency News and Talking Points

- Facebook bans financial ads that are associated with misleading or deceptive promotional practices.

- Cryptocurrency market still reeling from Coincheck hack and the news that the CFTC has subpoena Tether and Bitfinex.

Cryptocurrency Market Reeling After Facebook Bans Crypto Advertisements

Social networking behemothFacebook announced Tuesday that it will ban ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency.” The company said that while people still want to discover and learn about new products, there are many bad actors in the space who are not acting “in good faith.”

The ban is likely to disrupt the market hard, constricting new money flows into the cryptocurrency space, while adding another layer of uncertainty, and mistrust, to the market. Without new money flows to fund the never ending supply of new Initial Coin Offerings (ICOs) the market will need to start disseminating between coins, instead of the blanket buying that has pushed the market valuation ever higher over the last 18 months. The cryptocurrency market is currently worth $512 billion after hitting a peak valuation of $830 billion on January 7 this year.

Cryptocurrency Market Capitalization – January 31, 2018.

Facebook Bans Cryptocurrency Ads, Market Support Levels Creak

CFTC Subpoenas Tether and Bitfinex; Coincheck Facing $400 million+ Hack Costs

Tuesday’s news from Facebook follows on revelations that the US Commodity Futures Trading Commission (CFTC) has issued subpoenas to Tether and crypto-exchange Bitfinex. This latest revelation followed news that Tether had parted with its accountants Friedman LLP in the last week before Tether could be fully audited. And the relationship between Tether, who offer digital US dollars for fiat US dollars on a 1:1 basis, and exchange Bitfinex is also under the microscope as it seems they share some company operators.

Tether is also at the center of a speculative twitter storm with traders questioning whether the company actually has backed all of the digitally created Tethers (USDT) with fiat US dollars and if other cryptocurrencies have been used to create USDTs.

The latest news and announcement make it a bad last 7-days for crypto investors after one of Japan’s largest exchanges Coincheck was hacked last week, causing the company to accept losses in excess of $400 million. The exchange announced last Friday that 530 million NEM (XEM) tokens had been stolen and that it immediately upgrade its security measures.

Bitcoin (BTC), Ripple (XRP) and Other Coins Near Important Support Levels.

Market heavyweight Bitcoin (BTC) has been trading in a sideways pattern for the past couple of weeks, paving the way for a break to the downside if support levels fail. BTC is currently nearing the bottom of a descending triangle around $9900 which if broken, and closed below, would open the door to the $9020-$9200 support zone.

Bitcoin Price Chart Daily Time Frame (October 2017 – January 31, 2018).

Facebook Bans Cryptocurrency Ads, Market Support Levels Creak

DailyFX analyst Paul Robinson recently looked at the technical set-ups of Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC), while currency strategist Michael Boutros wrote about a potentially bearish set-up for Bitcoin on Tuesday.

Cryptocurrency Trader Resources – Free Practice Trading Accounts, Guides, Sentiment Indicators and Webinars

If you are interested in trading Bitcoin, Bitcoin Cash, Ethereum, Ripple or Litecoin, we can offer you a wide range of free resources to help you. We have an Introduction to Bitcoin Trading Guide along with a Free Practice Account. In addition we run a Weekly Bitcoin Webinar and have an IG Bitcoin Sentiment Indicator to help you gauge the market and make more informed trading decisions.

--- Written by Nick Cawley, Analyst.

To contact Nick, email him at

Follow Nick on Twitter @nickcawley1

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.