Who are they going to recover losses from? By the way Facebook didn't ban bitcoin ads till over a month after bitcoin had already peaked and google didn't ban until close to 4 months after bitcoin had peaked... They definitely did not cause the crash, at best they were only small contributing factors.
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Losses will be recovered from Facebook and Google. That’s the point of the class action lawsuit.
The market fell 53% in the week after Facebook announced their ad ban on 30 Jan and 30% in the week after Google announced on 14 March.
While it was below its peak, without the ban the market would have stabilized at a much higher level or even recovered.
While there are always many factors in markets, the sudden removal of 66% of the advertising market from use by Crypto projects has a very obvious and huge impact on demand and thus price. The whole purpose of advertising is to stimulate demand.
All other reasons for the crash are far less solidly based in economics and mostly are baseless conjecture.
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How can you possibly say Facebook and Google CAUSED this? You just made my point in your statement above...
"while there are many factors in markets..."
It can't be proven what caused the drop!
Which is going to be a major issue in any court.
Not to mention markets go up and markets go down. Should short sellers sue Facebook and Google for allowing crypto ads in the first place that (by your logic) allowed prices to run up like they did?
By your logic, they should!
Plus Facebook and Google are not required to show ads of anything they don't want to... They are a private company! There is basically a zero percent chance this lawsuit holds any water in the slightest.