Investing.com – Bitcoin prices recovered to trade above $8,000 on Monday after plunging as much as 13% last week despite reports suggesting that Twitter could be the next company to ban crypto-related ads, following similar moves by Google and Facebook earlier this year.
Bitcoin was trading at $8,160.2 by 11:30pm ET (03:30GMT) on the Bitfinex exchange, up 6.6% over the previous 24 hours.
Ethereum, the world’s second largest cryptocurrency by market cap, added 1.1% to $526.21 on the Bitfinex exchange.
XRP/USD’s XRP token, jumped 7.3% to $0.64696 on the Poloniex exchange.
Meanwhile, Litecoin was trading 1.41% higher at $151.12.
Reports emerged on Sunday that Twitter is planning to update its advertising policy so that all the ads relating to ICOs, token sales and cryptocurrency wallets would no longer be allowed. The new policy could become effective in two weeks.
Separately, traders investing in Bitcoin could subject to heavy tax bills, according to the Guardians, which reported that the Internal Revenue Service (IRS) warned "anything purchased using a digital currency is liable to be taxed as a capital gain." The news came after the IRS learned that only about 800 taxpayers claimed bitcoin gains in each year during 2013 to 2015. Failing to report Bitcoin gains could be considered as tax evasion, according to the article.
Elsewhere, the Federal Trade Commission (FTC) filed a lawsuit against two companies which allegedly conducted illegal activities that affected 30,000 people worldwide, indicating the regulator’s intention to disallow major crypto-related scam projects. The illegal activities included promoting crypto scams on popular social media sites such as Youtube and Twitter.
Bitcoin Funding Team and My7Network are the two companies under investigations, as they made claims to customers that they could turn a mere hundred-dollar investment into $80,000 monthly income.