China's major social media networks and search engines are also not returning paid searches or advertisements on cryptocurrencies

Earlier in the week, Facebook announced that they would be banning ads promoting cryptocurrencies, but it's not the first of its kind to have done so recently.

The PBOC announced last year that they would not support ICOs and since then, searches for "Bitcoin", "cryptocurrency", and "ICO" have returned articles and links but no advertisements or sponsored posts on China's largest search engine Baidu and Weibo (China's version of Twitter).

If you go to China, you'd find that you can't really access Facebook or Twitter unless you use a VPN - and even so it can be difficult - so Chinese netizens use their own versions to communicate via social media.

And that's a mass market that cryptocurrency firms/exchanges could potentially have difficulty in tapping into. But that hasn't stopped them from trying though.

Meanwhile, here's a look at how Bitcoin is performing on the day:

While price has rebounded from the lows posted yesterday and earlier today, bias is still towards the downside and the 61.8 retracement here is the next key support level. The turn of the tide came as prices sink below $10,000 - which incurs more of a psychological bearish sentiment than a technical one in my view - and that kind of psychology could be self-fulfilling and send prices even lower.

What are your thoughts on the matter?

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