After starting the year at a high of $13000, famed cryptocurrency Bitcoin has slumped below the $8000 mark. The steep sell-off took place after Twitter has confirmed that, it would ban cryptocurrency and related ads. Starting a touch above the $8500 mark, Bitcoin was trading at $7886 at 1500hrs ET.
Previously, when Facebook announced its cryptocurrency ads ban, the Bitcoin dropped by 12% in a single day. With international banking community, and governments unlikely to approve cryptocurrency as the next big step in Finance and Economy, the Bitcoin is expected to further slip down. Google has already announced that it would ban cryptocurrency-related advertising by June 2018. The same has been stated by Google’s financial policy that is to take effect in June later this year.
After Bitcoin hit the $13000 at the beginning of this year, hundreds of startups started raising billions of dollars through the ICOs (Initial Coin Offerings).
In a statement, Twitter said, “As such, we have added a new policy for Twitter Ads relating to cryptocurrency”.
While few financial institutions that used to process payments for cryptocurrencies started backing off.
With the popular social networking sites and search engines rejecting cryptocurrency ads, the future of ICOs seems bleak.