Bitcoin crashed overnight into Tuesday morning as Google stated that they will not allow cryptocurrencies and initial coin offerings from advertising on its platforms.
Bitcoin was trading near $8,700 mark on word of the ad crackdown.The move by the search giant follows Facebook’s ban on cryptos in Jan.
Speaking of Facebook, Co-founder and CEO Mark Zuckerberg had sold $171M in shares during the first week in March. This fire sale follows the $655M Zuckerberg dumped in Feb. Overall Facebook insiders have sold over $1B in shares in Feb. and Mar. so far.
Of course the explanation would be the usual response that the sales were part of a pre-arranged, planned sales for portfolio diversification. That said these sales are usually planned for a specific dates, however Zuckerberg has sold huge blocks of stocks over 17 days in the last month.
This suggests more than diversification, and of course these sales go to his foundation to avoid the small amount of taxes paid. As founder his sales are heavily discounted and shielded from most taxes.