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Bitcoin Falls Below $8,000 After Google Vows to Ban Cryptocurrency Ads

 
 
 
 
 
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Bitcoin dropped below $8,000 after news that US tech giant Google is going to ban cryptocurrency advertising.

According to CoinMarketCap data, as of 05:25 GMT, Bitcoin fell by 14 percent to $7,909. At Bitfinex crypto-currency exchange trading platform, its value dropped by 13.8 percent to $7,847, at Binance — by 14.8 percent to $7,835.

On Wednesday, Google said it would ban advertisements related to cryptocurrencies across its ad platforms in June as part of an effort to protect “the ads ecosystem.”

​The move follows similar measures taken by Facebook in January, which banned all ads for cryptocurrencies and initial coin offerings (ICOs), stressing that “ads must not promote financial products and services that are frequently associated with misleading or deceptive promotional practices.”

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