Netflix bans crypto campaigns in new ad-based service

Bitcoin is currently trading just below $19k after a bad day for the bulls. The largest cryptocurrency by market capitalization has been trading just below the key support level of $20,000 in recent days and is under heavy continued pressure from the bears. Today, the pressure finally started to take effect. Altcoins also started recording losses, closely following the Bitcoin price.

In other news, Netflix has announced that it will ban ads in the crypto sector in a new promotional subscription service. The world’s largest streaming service has been a little behind in its approach to account sharing, resulting in a dwindling number of paying subscribers. Now the company will go back to an ad-based service that costs much less. More on that later.

The Ethereum blockchain is on the verge of a major update, the Bellatrix upgrade. This step turns the network into a complete Proof of Stake (PoS) system and removes all energy-intensive mining. However, the transition itself is not so smooth. Curiously, Ethereum’s long-forgotten fork Ethereum Classic (ETC) is now in the news again. This makes sense because all miners previously associated with ETH can now switch to ETC as it is still a Proof of Work (PoW) system similar to BTC. It remains to be seen how serious ETC’s climb up the rankings will be, but things are going really well right now. The crunch update will happen in almost a week. Vitalik Buterin, the head of the network foundation, has reminded node operators to update the client before attempting to upgrade Bellatrix. About 74% of ETH nodes are reportedly ready for the upgrade.

Bitcoin falls below $19k

Bitcoin is trading just below $19ki at the time of writing, despite being less volatile most of the day. The price started to lose value just before the writing of this article, after being fairly stable for most of the day.

The last 24 hours started with the Bitcoin price around $19.8k. Apart from a brief rally above $20,000 at 03.00, the price has largely remained stable around the initial value. It looked like the cryptocurrency would continue to trade sideways throughout the day. However, at 19:00 the price started to fall. It made a significant loss and now broke the recent trend just below $20k and is changing hands at almost $19ki at the time of writing.

As expected, the continued bearish pressure on Bitcoin has paid off and the price is now staring into the abyss below. Although the digital asset may rise to $20ki in the near future, today’s losses still showed that the bears are in control and unwilling to give way to the bulls.

Bitcoin’s total market capitalization was around $364 billion and its share of the crypto market was 39.3%.

Losing Altcoins Books

Other cryptocurrencies were also largely stable at the end of the day, but began to slide just as BTC began to fall. Big losers were Binance Coin (BNB, -3.5%), Cardano (ADA, -3.8%), Polkadot (DOT, -4.8%), Dogecoin (DOGE, -3.8%), Polygon ( MATIC, -4.5%), Shiba Inu (SHIB, -3.5%) and Uniswap (UNI, -5.5%).

Ethereum price chart

In other news….

Netflix announces it won’t show crypto ads on new service

Netflix has announced a low-cost advertising service for users worldwide. This development had been in the works for a while, when the number of subscriptions began to decline due to the increased use of account sharing on the platform.

However, the new service will not display crypto ads. However, the self-imposed ban is not limited to just crypto. Political and gambling related ads are also prohibited in the paid area. The new ad-filled subscription is expected to be made available by the company later this year.

This is not the first time that crypto ads have been banned on an online service. In 2018, Google was known for not allowing such ads on its services. The ban was eventually lifted in 2021.

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