An announcement was recently made on June 10 from CCN that it would be shutting down. CCN is a cryptocurrency media site. It cited the reason for the shutdown was a Google update, which it blamed from reducing traffic.
According to the founder of CCN, the update resulted in a fall of mobile traffic by 71 percent. Even though changes in traffic are a normal part of the flow, this level of change was unprecedented.
CCN was not the only one impacted by the Google Core Update. According to Sistrix.com, CoinDesk also had an issue with dropping traffic. Some are claiming this was a targeted impact.
After the initial hit, CCN was able to recover just two days later with help from SEO teams and other experts. The company is still not sure what caused the drop in traffic, but they have worked to reverse the results.
Experts in the industry see this issue as an example of how centralized companies can negatively impact the crypto industry. They see it as a danger to the freedom of the press and the ability of people to find information they need and want. Critics are calling for more transparency in online media.
Google has had issues with crypto in the past. In 2018, it announced that it would place a ban on all advertising related to crypto, which is according to the updated Financial Services policy. According to Google, it wants to approach cryptocurrencies with caution.
Reddit has claimed that Google shows a lack of neutrality when it comes to cryptocurrency. Facebook has also limited crypto in the past, but it has since relaxed its stance. An e-commerce company in South America, Mercado Livre, has banned the advertising of the currency on the website. Amazon and Twitch have also taken stances which appear to be against cryptocurrency exchanges.
Payment providers are also taking a stance against crypto. Crypto debit cards are being labeled as high-risk. Mastercard has even released videos which state the concerns about the currency due to high volatility and the anonymity of the transactions.