updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131Big tech titans have already started warming up to the crypto market with well-regulated products like Bitcoin ETFs seeing strong inflows over the last 20 days. With the Bitcoin ETF ads going live earlier this week on Google Search and YouTube, other players like Meta are likely to join the bandwagon soon.
In a notable observation, Nate Geraci, President of ETF Store, has suggested that Facebook and Instagram might soon permit the display of advertisements for spot Bitcoin Exchange-Traded Funds (ETFs).
Geraci’s insight hints at a potential shift in advertising policies on popular social media platforms, with expectations that they may open up to advertisements related to spot Bitcoin ETFs in the near future.
Referring to Facebook as a potential “boomer honeypot,” Geraci implies that the social media giant’s user base, which includes a significant demographic of older individuals, could play a crucial role in broadening the reach of Bitcoin ETF ads.
As the cryptocurrency and ETF landscapes continue to intersect, the prospect of major social media platforms embracing Bitcoin ETF advertisements could mark a significant development for the crypto industry.
Furthermore, launching Bitcoin ETF ads on FB and Instagram could be interesting since these platforms have a large user base of millennials and GenZ, who are more attuned to the crypto world. However, not everyone is willing to offer crypto ads. For e.g.
Facebook parent Meta seems to be a turnaround story as the Meta (NASDAQ: META) stock price surged a staggering 20% on Friday, February 2, after the company’s first dividend payout declaration. The company has authorized $50 billion for share buybacks and declared a quarterly dividend of 50 cents per share.
This comes on the backdrop of robust results as well as strong returns from its investments in emerging technologies like “metaverse”. this boost is certainly going to boost investor confidence in Meta which has been struggling for a while. However, the company’s restructuring plans seem to have paid off well.
Meta has focused on cost reduction over the past year, resulting in the departure of over 21,000 employees since late 2022. Company chief Mark Zuckerberg has referred to 2023 as the “Year of Efficiency.”
Interestingly, Meta will also be competing with big tech giants like Microsoft and Alphabet in the AI space. The company has demonstrated advancements in AI with the launch of the Llama 2 model, and the upcoming Llama 3 suggests ongoing innovation in this field.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
In a strategic move, Google has revised its cryptocurrency-related advertising policy to permit ads for US-based crypto trusts, aligning with predictions of the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States.
This update, effective January 29, 2024, comes at a time of heightened anticipation in the crypto space, as industry analysts speculate a 90% chance of a US spot Bitcoin ETF approval by January 10, 2024.
The update explicitly mentions “advertisers offering Cryptocurrency Coin Trust targeting the United States.” Advertisers interested in promoting crypto trusts must undergo Google certification, ensuring they possess the necessary licenses from relevant local authorities. The policy emphasizes global application, requiring adherence to local laws in the targeted regions.
This policy adjustment by Google coincides with increasing expectations of the approval of spot Bitcoin ETFs in the United States. Bloomberg’s ETF analysts project a 90% likelihood of approval by January 10, 2024.
Notably, there are currently 13 Bitcoin ETF applicants, including major players like BlackRock, Grayscale, and Fidelity. These firms have reportedly engaged with the US Securities and Exchange Commission to discuss crucial technical details related to their ETF proposals. The crypto market has responded positively, with Bitcoin experiencing a significant 74% surge in the past 90 days.
The crypto market is anticipated to add $1 trillion if the SEC approves the Bitcoin ETF applications.
Google’s certification process for potential crypto trust advertisers underscores the importance of compliance with local laws.
Advertisers must obtain the necessary licenses from local authorities, and their products, landing pages, and ads must align with the legal requirements of the respective countries or regions. This meticulous certification process aims to ensure responsible advertising practices within the rapidly evolving and dynamic cryptocurrency landscape.
In Jabuary 2024, Google will updated its ad policy related to the advertsing of crypto assets, products, and services.
Google is expected to update its policy regarding advertisements of cryptocurrencies and crypto-related products in January 2024. The updates will include clarifications of the requirements and scope of such ads.
Starting on January 29, 2024, Cryptocurrency Coin Trusts (ETFs) can be advertised to users in the United States in those cases when the offered services and products correspond to the rules set by Google.
More detailed info to be added soon.
In addition to the better-than-expected Q2 2023 revenue, Alphabet did better than predicted in its ad profits.
Alphabet (NASDAQ: GOOGL), an American multinational conglomerate, saw its shares rise 7% in after-hours trading after announcing a better-than-expected revenue and profit for Q2 2023. During the three months, the company experienced a rebound in advertising dollars and benefited from the growing AI trend. While analysts expected Alphabet to report $1.34 earnings per share in Q2, the company pulled in $1.44 EPS. In addition, the quarterly revenue came in at $74.6 billion, exceeding expectations of $72.82 billion.
Alphabet was able to record profits in Q2 due to the consistent demand for Google Cloud services. As the AI market continues to boom, there is a steady request for Cloud services, spurring profits in the quarter. CEO Sundar Pichai said Alphabet experienced an “exciting momentum” on its products and the company between April and June. He added that the experience triggered the solid performance for the quarter. Pichai also stated that Alphabet’s “continued leadership in AI and our excellence in engineering and innovation are driving the next evolution of Search and improving all our services”.
In addition to the better-than-expected Q2 2023 revenue, Alphabet did better than predicted in its ad profits. Although advertisers have cut down on expenses over time, the recent ads retreat from X, formerly Twitter, has caused other platforms to see a rebound. Advertisers have resorted to the likes of Alphabet and Facebook parent company Meta Platforms as they bid farewell to the social networking service. As for Alphabet, the company recorded $7.67 billion in revenue in Q2 YouTube ads, surpassing the expectation of $7.43 billion. The company also squashed analysts’ prediction of $7.87 billion in Google Cloud revenue at $8.03 billion. Google’s ad revenue increased 3.3% from the previous year’s $56.29 billion to $58.14 billion. Furthermore, the traffic acquisition cost was $12.54 billion, above the expected $12.37 billion. Both the ads revenue and Google Cloud caused the Q2 revenue for Alphabet to jump 7% YoY from $69.7 billion to $74.6 billion.
Specifically, revenue in Google’s cloud unit, including infrastructure and productivity apps, soared 28%. After losing %590 million last year, the division reported operating income of $395 million. Also in Q2, Alphabet noted that revenue from Google’s “search and other” popped slightly from last year to $42.63 billion.
Alphabet further stated that the Waymo self-driving car business and the Verily life sciences unit saw a 48% increase in revenue to $285 million in Q2. Notably, the division still accounted for an $813 million loss in the same period.
Except for losing over 1% in the last five days, Alphabet has been pulling in gains over the past year. The company’s stock has surged over 38% since the beginning of the year.
Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience.
Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.
Adidas is able to alleviate the impact of operational losses as the clearance of the massive Yeezy inventory takes turn for the good.
On Monday, July 24, German sportswear giant Adidas AG (ETR: ADS) said that it expects a significant drop in operating losses for the year 2023. This commentary from the management comes after Adidas managed better-than-expected sales of its Yeezy inventory after breaking ties with the rapper and designer Kanye West.
The German sports company has revised its 2023 operating loss forecast to €450 million ($499 million), down from the previous estimate of €700 million. This positive change is due to the initial sales of its Yeezy sneakers inventory. The company expects future releases of Yeezy sneakers to potentially further improve its financial results.
During the trading hours on Tuesday, July 25, the Adidas (ADS) stock price is trading at 5.76% up at a price of 184.86 EUR. For the second quarter of 2023, Adidas reported sales of €5.34 billion, beating the average estimate of €5.05 billion.
The company’s main Adidas business performed slightly better than expected. It anticipates that the operating profit, excluding any extraordinary Yeezy-related expenses and the ongoing strategic review, will be approximately break-even for the year. Referring to the further release of its existing inventory, Adidas said: “If successful, potential future Yeezy drops would further improve the company’s results.”
Adidas terminated its collaboration with musician Ye (formerly known as Kanye West) in October 2022 due to his offensive and antisemitic remarks. After facing widespread criticism online, Adidas deemed Ye’s comments “unacceptable, hateful, and dangerous”. As a result, they discontinued the production of Yeezy-branded products, including footwear and clothing, and ceased all payments to Ye and his companies.
However, the decision left the company thinking about what would it do with the existing Yeezy stock. In May, Adidas declared its plan to sell the inventory and donate a substantial portion of the proceeds to organizations such as the Anti-Defamation League and the Philonise and Keeta Floyd Institute for Social Change.
In a note, James Grzinic of Jefferies said:
“The key takeaway here is the remarkable markup that Yeezy still commands.”
The analyst’s estimate indicates that Yeezy contributed approximately €450 million in revenue during the second quarter. They also mentioned that Adidas’s new forecast is cautious and includes measures to protect against potential risks in the broader economic conditions.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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