Bitcoin prices fell earlier this year after news of Facebook ban.
Facebook said it would ban all ads that promote cryptocurrencies to prevent the spread of what it called “financial products and services frequently associated with misleading or deceptive promotional practices.” This caused bitcoin to drop 12 percent in late January.
Twitter Ad ban also contributed to bitcoins decline to below $8,000
Bitcoin fell roughly 7 percent below $8,000 following weeks of regulatory uncertainty and advertising crackdowns by web 2.0 companies such as twitter.
Twitter announced that it would ban advertising for cryptocurrencies, following similar bans by Google and Facebook to crack down on fraud in initial coin offerings. “Today’s news on Twitter’s ban is likely a significant contributor to the steep sell-off,” said Timothy Tam, co-founder of crypto-market intelligence platform CoinFi. “As new retail investors enter cryptocurrency, a large portion of them are trading on raw emotion.”
Coinbase data, bitcion was trading near $7,886 as of 3:04 p.m. ET, more than $600 lower than a day earlier . It’s down more than 42 percent year to date after starting this year above $13,000.