The outsourcing of advertising is becoming a promising opportunity for many marketing firms in India. Restrictions on crypto ads, imposed by giants like Facebook and Google, are forcing crypto businesses to seek alternative ways to reach customers and investors. The high cost of these services globally is pushing more companies towards the Indian market.
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Agencies in India Ask for Less and Take Crypto
Companies trying to establish themselves in the crypto sector and raise funds through cryptocurrencies are increasingly turning to India, local media reports. Outsourcing advertising and marketing operations to Indian agencies offers startups a cheaper alternative now, when getting the message across to a large audience is both expensive and difficult.
Several internet giants have recently banned crypto-related ads on their platforms. The social network imposed restrictions in January. , the largest search engine, introduced similar measures in March. Last week the microblogging site confirmed earlier of changing policies in the same direction.
Crypto businesses from around the world are actively seeking ways to bypass the ban and minimize their expenses. Marketing agencies in India offer solutions to both these challenges. They use platforms like to spread commercial information on behalf of their customers. “Airdropping” proves to be a successful marketing technique and these groups often get paid with tokens from the company they are advertising.
“Two or three months ago, there were only a few platforms that helped in advertising. Now, a company going for an ICO will have hundreds of proposals from new marketing agencies that are sprouting in India,” Karnika Yashwant, CEO of Key Difference Media, told the Times of India. His Chennai-based advertising agency works with 14 foreign clients, mostly from Europe.
A similar trend has been registered in China, where authorities imposed an outright ban on initial coin offerings. The harsh restrictions have actually catalyzed the development of a whole new industry of brokerage services. As , many of these intermediaries are using the messaging app Wechat to promote opportunities to investors seeking to get involved in ICOs.
Action, Reaction, Effect
The ban on online crypto ads has already provoked reactions around the world. Last week crypto associations from Russia, China and South Korea agreed to set up the Eurasian Blockchain Association. It will unite efforts to defend the interests of the crypto community on a global scale. Its first task is to restrictions on crypto-related ads imposed by social networks and search engines. EBA members have accused them of cartel collusion and abuse of monopoly power. They plan to take the matter to court in the US next month. Their intentions may lead to a series of class actions in multiple jurisdictions.
The restrictions introduced by internet giants, however, may have little net effect on crypto businesses and their marketing strategies. Companies in the sector often prefer to advertise on platforms that are unique to the ecosphere, including specialized news outlets and popular messaging services. “Facebook and Google Adwords hardly generate demand [for ICOs]. Only a person new to the space would be googling about it,” says Salim Ali, CEO of an Indian company which is planning an initial coin offering.
Businesses like his also like to have the option to cover costs with cryptocurrency. In general, crypto payments are more popular with counterparts from the sector. Marketing services in India are enjoying growing popularity thanks to their affordable rates and also the willingness of local agencies to accept cryptos and tokens.
Do think the ban on crypto ads may also have a positive effect if it leads to the development of new crypto businesses? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
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The price of bitcoin and a slew of other cryptocurrencies have started to see some slight recovery on Tuesday, April 3rd’s morning (EDT) trading sessions. The entire economy of over 1,500 different cryptocurrencies has increased in value surpassing a $278 billion market capitalization with 5-20 percent gains.
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Some Brief Market Recovery
Over the last few days, cryptocurrency markets have been nurturing losses as digital asset values slid significantly. Currently, the entire crypto-economy is trading $13.1Bn USD in 24-hour volume, and most coins saw some gains over the past day. Right now daily statistics for BTC/USD markets are up 5.5 percent and BTC prices are hovering just below the $7,400 region. BTC trade volume is still flat as traders are swapping roughly $5.1Bn in trades over the past 24-hours. The top five exchanges facilitating these trades include Bitfinex, Okex, Binance, Huobi, and Upbit. These trading platforms are exchanging over $150Mn or more in global trade volume over the last day.
During the past few weeks, the Japanese yen has gradually captured over 50 percent of the global BTC trade volume. The case remains the same today as the yen currently commands 56.4 percent of the world’s trades. This is followed by the U.S. dollar (22.1%), tether (USDT 12.7%), the South Korean won (3.2%), and the euro (3%). Currently, on the peer-to-peer platform Shapeshift the most traded coin against BTC is BCH. Tether USDT is still the second most traded digital currency for the past couple of weeks. There is over $1.6Bn USD in tether swaps today likely because the bear market is still not over.
At the time of publication, BTC/USD is averaging around $7,375 at 12 pm EDT.
Technical Indicators
Technical indicators show some slight differences between now and three days ago. For instance, the 100 Simple Moving Average has crossed paths above the long-term 200 SMA trendline. This indicates that bears are now exhausted, and bullish participants temporarily have the reigns. Moreover, the path to resistance should be on the upside going forward at least for the next 12-hours. The Relative Strength Index is steadily approaching the 70 zone indicating some bearish sentiment may be in the cards after this run-up. Macd is also converging upwards showing similar readings.
RSI/STCH BTC/USD Bitstamp 4/3/18
In order to maintain a reliable bullish reversal, traders must rally past the $7,800 zone and hold the momentum in order for things to look a bit more positive. At the present moment, BTC/USD order books show some tough resistance around the $7,500 zone and some stronger walls around $8,100. Bulls need to close the daily above the $8,100 territory for the current rise to be more than just a ‘dead cat bounce.’ On the back side order books also show foundations are relatively weak all the way back to the $6,500 price area. After that position, books show some tighter support and more extensive buy orders.
BTC/USD markets trend above the $7K zone.
The Top Digital Asset Markets
Overall the cryptocurrency market, in general, is seeing some gains and many digital assets are nursing wounds. The second highest market capitalization held by ethereum (ETH) is up 3.8 percent as one ETH is hovering around $404. Ripple (XRP) is also in the green as markets are up 8.3 percent today and XRP is trading at $0.53 cents. The fourth highest market valuation held by bitcoin cash (BCH) markets is up over 5.6 percent as one BCH is testing $705 per coin. Lastly, litecoin (LTC) prices are seeing gains around 5 percent as well with market averages around $125 per LTC.
A great majority of digital assets are in the green today seeing gains.
The Verdict: Sentiment Across Market Participants Remains Extremely Skeptical
Basically, cryptocurrency traders across the boards are still skeptical even after seeing the latest rebound in price. BTC/USD market prices have been following a consistent pattern of lower highs and deeper lows. Most alternative digital assets continue to be correlated with BTC market trends and BTC dominance among all 1,599 cryptocurrencies is currently 45 percent. Sentiment among the community is a bag of mixed emotions including denial, those who think they are the Nostradamus of crypto-markets, and those who believe cryptocurrencies are going to see much lower values than today.
Where do you see the price of BTC and other digital assets heading from here? Do you think cryptocurrencies will see more gains? Let us know in the comments below.
Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”
Images via Shutterstock, Bitstamp, Trading View, and Coinmarketcap.
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