Investing.com – Bitcoin added to losses Monday as sentiment turned bearish on cryptocurrencies after Twitter announced a ban on crypto-related ads.
Bitcoin fell 8.31% at $7,893.2 on the Bitfinex exchange.
Twitter mirrored recent moves by both Facebook and Google, confirming it would ban advertising for cryptocurrencies to ensure the “safety of the Twitter community.”
The move reduced investor appetite for cryptocurrencies amid uncertainty whether further attempts will be made by both private companies and regulators to curb crypto activity.
Some traders, however, continued to suggest that technical resistance – price levels that trigger selling – was the main driver of the move lower in bitcoin after the popular digital currency’s failed attempt to mount a sustainable rebound last week.
Bitcoin rallied from a low of $7,240 to high of $9175.20 on Bitfinex exchange last week as plans for a coordinate crackdown on cryptocurrencies did not feature on agenda at the G20 meeting as many had initially feared.
Amid a lack of investor support, bitcoin remained on track to test its 2018 low of $6,000 sustained during the crypto “bloodbath.”
Demand for crytos has struggled to stabilize as traders remained wary of holding their bullish bets, while potential entrants opt to remain on the side lines amid uncertainty about a regulatory crackdown in the industry.
Data from coinmarketcap.com showed the total cryptocurrency market cap slumped to $304– at the time of writing – down from $331 million last week.
Ripple XRP fell 8.60% to $0.57995 on the poloniex exchange, while Ethereum fell 10.49% to $469.01