The price of Bitcoin has taken a tumble after Google announced a ban on cryptocurrency advertising.
Currently, Bitcoin is worth about $8,700 after falling from a high of roughly $9,200 yesterday.
This isn’t a staggering fall, but does appear to have come after Google prohibited the advertising of ‘cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice)’.
Earlier this year, Facebook also banned ‘misleading or deceptive’ adverts, including those involving cryptocurrencies.
Rob Leathern, product management director, wrote: ‘Two of our core advertising principles outline our belief that ads should be safe, and that we build for people first. Misleading or deceptive ads have no place on Facebook.’
Bitcoin has been having a bit of a bad year.
The world’s most valuable and famous cryptocurrency has had a miserable 2018 so far, dropping from an incredible high of almost $20,000 before Christmas.
However, investors who were lucky enough to buy up Bitcoin early enough don’t really have anything to grumble about, because it has shot up from a price of just $900 in January 2017.
Earlier this year, the co-founder of Bitcoin’s closest rival said cryptocurrency investors could lose their life savings ‘at any time’ due to the volatility of the digital money markets.
Vitalik Buterin, the 24-year-old Russian ‘boy genius’ who invented Ethereum, fears that anyone who ploughs their cash into virtual currencies could be ruined in an instant.