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Crypto Corner: Eurasian Association of Blockchain to Sue Social Media Giants, South Korean Millennials Keen on Crypto and Market Slump Worsens Slightly

 

Point Roberts, WA and Delta, BC - March 28, 2018 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news reports on what's driving the cryptocurrency markets with today's edition of Crypto Corner.

Crypto Corner - March 28, 2018

By Samuel Mowers at Investorideas.com

Eurasian Association of Blockchain to Sue Social Media Giants, South Korean Millennials Keen on Crypto and Market Slump Worsens Slightly

According to a piece in TASS yesterday, Russian, South Korean and Chinese crypto and blockchain association are joining to sue tech giants Facebook, Google, Twitter and Yandex for banning crypto ads. The Russian Association of Cryptocurrency and Blockchain (RACIB), the Korean Venture Business Association and China's LCBT are forming the Eurasian Association of Blockchain to file the joint suit.

In a rough translation from the TASS article, RACIB president Yuri Pripachkin said the following:

""Google, Twitter, Facebook and Yandex banned the advertising of crypto-currencies in their networks. A special indignation at the crypto community was caused by the ban of Twitter, which only made a subscription to its own crypto currency and banned all the others," Pripachkin said.

"We believe that this is the use of the monopoly position of these four companies, which entered into a cartel with each other to manipulate the market. The ban on these four organizations led to a significant drop in the market in recent months," he explained."

An article in the Korea Times yesterday reported that recent polling done by the Bank of Korea indicates that about 40 percent of young adults are interested in investing in cryptocurrencies.

"Some 21.6 percent of 2,511 respondents said they are conscious of cryptocurrencies, with the number soaring to 29.4 percent and 40.3 percent among 20-somethings and 30-somethings, respectively, according to the poll by the Bank of Korea (BOK).

The BOK poll said 24.2 percent of those in their 20s are eager to invest in cryptocurrencies, while 20.1 percent of people in their 30s are also enthusiastic.

In recent months, a cryptocurrency frenzy has swept South Korea as the country is home to one of the world's biggest private bitcoin exchanges, with more than 2 million people estimated to own some of the best-known digital currencies."

At press time Bitcoin (BTC) is hovering around $7950 USD and hasn't gotten higher than about $8150 USD in the last 24 hours. It is joined by Ethereum (ETH) which is also stuck slumping at around $450 USD. The market cap dipped as low as $295 billion USD last night but is about $300 billion USD at press time.

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