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After Facebook, Tech Giant Google to Ban Cryptocurrency and Initial Coin Offering Ads

The price of bitcoin is down to start the day, dropping below $8,000 during early-hours trading on Thursday according to Coinmarketcap.

At the Time of composing, the price of bitcoin is roughly $7,811.22 across global exchanges, a figure that represents a decline of over $300 from the day’s open, and the lowest price observed since Feb. 11.

Bitcoin price quickly fell beneath $8,000 on Wednesday following news that Google, the world’s biggest search engine, and Advertising Company plans to boycott digital money advertising.

After Social Media Giant Facebook put the ban on cryptocurrency ads in January, Now The tech Giant Google has taken the similar step, announced an update Wednesday to its financial services policy that will restrict advertising for “cryptocurrencies and related content” starting in June.

As stated in Google’s New restricted financial products policy -:

Ads for the following will no longer be allowed to serve:
Binary options and synonymous products
Cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice)

While Google has not clarified in detail the reasons of its boycott, the new approach comes when controllers in the U.S. have been progressively investigating digital currency extends that tout virtual venture openings and elevate themselves to investors over the web.

The world’s two biggest online advertising platforms have banned the cryptocurrency and ICO’s advertisements, in favor of US regulators efforts at all levels in splitting down ICOs that seem questionable in the government’s view.

After the announcement, the major cryptocurrencies are also seemed visibly suffered as well, including bitcoin, ethereum, ripple and so on, ethereum token also slid below $600 for the first time since mid-February. According to coinmarketcap data, the price of ether is trading at $588.32, a decline of about 4 percent since the open.

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