Bitcoin drops as Twitter confirms crypto advertising ban
Cryptocurrency prices were sharply lower Monday, with the No. 1 digital currency trading at a weekly nadir as popular sites banned digital-currency advertisement.
A single bitcoinBTCUSD, -8.21% last traded at $7,885.15, down 6.7% on the day, and well off its overnight high of $8,489.61, according to news-and-research site CoinDesk.
The plummet in cryptocurrency prices comes as Twitter Inc.TWTR, +2.84% confirmed last week’s rumors that it would join Facebook Inc. FB, +0.42% and Google-parent Alphabet Inc.GOOG, +3.10%GOOGL, +2.68% in banning advertising of cryptocurrencies and a novel venture raising method known as ICOs, or initial coin offerings.
After staging a relief rally early last week, the price of a single bitcoin is in danger of breaking the Feb 6. low of $5,947.40, which technicians see as a pivotal support level.
Monday’s slide comes after a record week of low volatility.
Despite the surging volatility in the stock market, bitcoin is coming off its quietest week in a long time. Last week’s range in the Cboe bitcoin April contractXBTJ8, -8.31% of $8,100 to $9,190 was the tightest since the contract listed in late January, according to the Cboe Options Exchange.
“Looking at previous high-to-low weekly ranges using the April contract, the average move has been 22.5%. The largest weekly range was the week of Jan. 29—Feb. 2 when futures moved 34.25%,” said Kevin Davitt, senior instructor at the educational arm of the Cboe.
Bitcoin’s fall has been dwarfed by declines in other digital currencies. Ether is off 9.3% at $475.73, bitcoin cash is down 6.7% at $900.98, Litecoin is on its session lows at $143.57, down 10.2% and Ripple is at 59 cents, lower by 8% on the day.
Futures markets closed sharply lower Monday, with the Cboe Global Markets April contractXBTJ8, -8.31% finishing down 8% at $7,920 and the CME Group IncBTCH8, -11.53% March contract finishing Monday off 8.2% at $7,910.
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