Bitcoin Down After Twitter Announces Ban of Cryptocurrency Ads

Twitter has been the most recent tech giant to impose a ban on the advertisements regarding cryptocurrencies on its social media platform. The said ban sent the value of Bitcoin, the largest cryptocurrency in the world in terms of market value, below $8,000.

Today, the social media giant informed Reuters that it would not allow the promotions for cryptocurrency wallet services or initial coin offerings (ICOs), following the likes of other tech companies such as Facebook and Google which have recently taken similar steps.

A number or crypto-exchanges will still be allowed to advertise on the social media platform. However, the majority of the exchanges will be covered by the said ban.

It comes only weeks after Google imposed a clamp down on advertisements concerning cryptocurrencies with the introduction of new policies for its advertisers. Last January, Facebook also banned crypto ads, saying that too many of the said advertisement were misleading the users.

Currently, Bitcoin is trading at approximately $7,930 after dropping below $8,000 for the first time in more than a week.

Regulatory uncertainty is also having an impact on the global cryptocurrency market, with some world leaders at the G20 expressing their concerns that the said technology could likely affect financial stability last week.