Crypto Comeback And Mark Cuban NFT Account Blocked By Instagram

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Traders and whales seemed convinced that the Bitcoin bottom was in with the $32k seen two weeks ago and pushed Bitcoin and several altcoins seriously higher as we entered the weekend. By the time of writing, Bitcoin is trading at $41.6k and Ether at $3k, both coins up nearly 10% in the past 24 hours.

Several altcoins also saw double digit gains.

At first, Bitcoin dipped Friday afternoon when the US government released nonfarm jobs numbers which were stronger than expected. However, when traders noticed that the fall of the biggest cryptocurrency was quite limited, they all agreed that the bottom had already been set and whales started buying again.

Edward Moya, analyst at foreign-exchange broker Oanda said:

Bitcoin’s initial knee-jerk reaction to the shockingly strong nonfarm payroll report was weakness. Bitcoin has managed to stabilize despite rising inflationary pressures that continue to push global bond yields higher.

Instagram bans NFT account backed by Mark Cuban

In a first warning sign that Meta and it’s companies will try to control part of the cryptosphere and the NFT operated markets (as Zuckerberg had disclosed already that Meta wants to operate NFT auctions themselves), an Instagram account with some 1.7 million followers was blocked.

Weeks after the Mark Cuban-backed social media account @NFT was suspended from Twitter, Instagram has followed suithttps://t.co/SMW80tNHTD

— Rolling Stone (@RollingStone) February 4, 2022

The account, called @NFT was accused of posting sponsored content and advertising NFT collections without properly stating that those posts were ads.

a Mark Cuban owned Instagram account w/ 1.7m followers is promoting a shadowy cabal of scammy copy pasta NFT projects without proper disclosures, thus taking serious advantage of the less informed

a thread 🧵 pic.twitter.com/LSuyAmj5MQ

— TSF | Space Cowboy (@topshotfund) February 3, 2022

This account was disabled following repeated violations of our policies, and it won’t be reinstated.

Instagram parent company Meta declared.

The move apparently came after Twitter @topshotfund had repeatedly stated that an NFT-centric account backed by Cuban was taking “serious advantage of the less informed.”

He stated that the @NFT page was:

Promoting a shadowy cabal of scammy copy pasta NFT projects without proper disclosures.

resulmuslu / Depositphotos.com