Bitcoin Price Plummets Anew on Twitter Crypto Ads Ban Rumors
Just as Bitcoin and many of its key counterparts are feeling the pain of a looming ban from Google comes another major player in the business that is joining the fray on so-called anti-Bitcoin campaign.
Twitter is said to be preparing to ban ads for sales of tokens, initial coin offerings, and virtual currency wallets.
Bitcoin fell almost 7 percent towards $7,000 as of late Sunday after reports that Twitter will follow Facebook ang Google’s lead in banning digital currency ads. But it was able to make slight gains, rising $700 in less than 3 hours on the same day.
Rumors were rife yesterday that the micro-blogging site will be joining Facebook and Google in imposing prohibitions on digital money-related advertisements.
The new ad ruling is seen to be finalized a weeks from now. However, Twitter is reportedly allow a few exceptions. The new and rather surprising news is yet to be validated officially.
As news hit social media, Bitcoin’s market price went downhill: At the start of the weekend, Bitcoin was trading around $8,500. As of York time when this article was written, Bitcoin was see-sawing around $7,500.
According to Sky News the latest ad policy will take effect in 2 weeks, without disclosing the source of the information.
Last week, Google announced that it would no longer allow the online advertising of Bitcoins and and other related content.
The reason why Twitter has come up with the decision to ban digital currency is still unclear.
Other companies that have imposed prohibitions on crypto-related content have stressed worries regarding illegal activities and misleading ads.
News of the forthcoming Twitter ban on Bitcoin and its counterparts comes in the midst of rising regulatory pressures and following a similar verdict by Facebook and Google. Market analysts are certain the surprise announcements have been the biggest factor to the recent drops in the prices of Bitcoins.