- Bitcoin fell 9 percent following news that Google, the world's largest ad provider, is cracking down on cryptocurrency.
- Facebook, the second largest online ad provider, took similar action in January by banning ads on "binary options, initial coin offerings and cryptocurrency."
- Some analysts say the bans could be a good thing for the industry over the long term and blame price moves on continuing regulatory uncertainty.
Bitcoin prices briefly fell below $8,000 on Wednesday following news that Google, the world's largest online ad provider, plans to ban cryptocurrency advertising.
Facebook, the second largest online ad provider, took similar action in January.
Tech giant Google announced an update Wednesday to its financial services policy that will restrict advertising for "cryptocurrencies and related content" starting in June.
Bitcoin fell 12 percent in late January after Facebook announced it would ban ads on "binary options, initial coin offerings and cryptocurrency." The social media giant said it would prohibit ads for financial products and services "that are frequently associated with misleading or deceptive promotional practices."
The symbols of Bitcoin and Ethereum cryptocurrencies sit displayed on a screen during the Crypto Investor Show.