Bitcoin Price Falls Below $8000 & Cryptocurrency Market Slump as Twitter Ban Ads

Twitter to start banning cryptocurrency ads, joining Google and Facebook

The value of bitcoin dropped eight percent to $7,929 after the Twitter ad ban was announced, according to market data from Bloomberg. Now the news is confirmed as the social media platform has announced that they will begin the crypto crackdown due to an ongoing effort to reduce fraud and protect users.

Italy's central bank leader told reporters after the meeting that cryptocurrencies pose risks but should not be completely banned, according to Reuters. At the beginning of March, Google also stated that cryptocurrency advertisements will no longer be accepted beginning in June.

Since then, pressure has mounted on Twitter CEO Jack Dorsey and the social media site to follow suit. When we take all of these bans together, it certainly seems like Twitter is about to purge the majority of cryptocurrency advertising from its platform.

"We updated several policies to address ads in unregulated or speculative financial products like binary options, cryptocurrency, foreign exchange markets and contracts for difference (or CFDs)", Scott Spencer, Google's Director of Sustainable Ads, had said.

However, it is important to note that this Twitter ban is not a complete and total one. Although, in Japan, companies given exemption will be limited to exchanges regulated by the nation's financial regulator.

Overall, this news is being met with considerable enthusiasm.

Following this news, the crypto market has seen a certain downfall, as on CoinMarketCap.

The majority of top cryptocurrencies were trading lower on the news.

Curiously, that would bar firms such as the largest USA -based exchange Coinbase from advertising on the platform, while presumably still allowing Twitter's sister company, Square, to advertise its young Bitcoin buying and selling function on its Cash app. As big as they are, these internet behemoths want no part of a crypto-based class action lawsuit.

Twitter has been struggling with serious issues like fake accounts who have been "engaging with others in a deceptive manner" as revealed in a report earlier this month.

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