Bitcoin fell nearly 7 percent to $ 7,000 in trading on Sunday 18/3/2018 yesterday
Following reports that Twitter will follow in the footsteps of Google and Facebook that have banned cryptocurrency ads on its platform.
However, bitcoin recovered $ 700 in less than three hours. Based on information from Sky News, Twitter is reportedly preparing to ban cryptocurrency ads. The move will reportedly follow in the footsteps of tech giants Google and Facebook.
The bitcoin price rallied back more than $ 700 in less than three hours late in Sunday trading, which curtailed wild weekends seeing digital currencies plunge through $ 8,000 to near $ 7,000. According to Coinbase, bitcoi prices are still down 15 percent in the last 7 days.
One of these cryptocurrency types reached its lowest point at $ 7,335.57 in trading on Sunday, before recovering back above the $ 8,000 level, according to CoinDesk.
Traders are unsure of what is behind the price reversal, but with the prohibition of other bitcoin advertisements that may occur due to the weakness over the weekend. Twitter is reportedly preparing to ban advertisements for initial coin offerings, token sales, and cryptocurrency purses globally.
This step will echo the restrictions of other technology giants in advertising, and efforts to crack down on cryptocurrency fraud.
Google announced its financial services update update last week that would restrict advertising to "cryptocurrency and related content" to be officially implemented in June.