Bitcoin swung between gains and losses near the $8,000 level, paring an earlier rebound, as investors digested the decision by Twitter Inc. to ban advertisements for initial coin offerings and token sales on its service.
The largest cryptocurrency traded flat at $7,847.87 as of 11 a.m. in Hong Kong, according to consolidated Bloomberg pricing. The digital currency had earlier jumped as much as 4.8 percent, reversing an overnight decline that took Bitcoin down to about $7,850. Rival coins Ripple, Ether and Litecoin also erased gains. Bitcoin remains down 25 percent in March.
Twitter confirmed Monday it’s banning the advertisements on its platform due to concern the content is often related to deception and fraud, according to a company spokesperson. The decision comes after Facebook Inc. banned cryptocurrency ads in January and Alphabet Inc.’s Google said it would do the same starting in June.
Since Bitcoin reached a peak of almost $20,000 in mid-December at the height of the cryptocurrency frenzy, the digital currency has lost more than half of its value as investors weigh the future of the emerging space amid intensifying scrutiny from global regulators.
Cboe Global Markets Inc., which was the first U.S. exchange to list Bitcoin futures last year, continues to have plans to introduce more cryptocurrency-related products. The exchange operator prodded U.S. securities regulators Monday to consider approving crypto exchange-traded funds in a letter to the Securities and Exchange Commission.
For more on cryptocurrencies:
Twitter Joins Facebook, Google in Banning Crypto Coin Sale Ads
ICOs Can Wait: Venture Capital Surges Into Crypto Startups
Bitcoin Pop Culture Moment Fades as Craze Attracts Regulators
Why Governments Might Join the Cryptocurrency Craze: QuickTake