The price of Bitcoin fell under $8,400 after Google announced plans to ban cryptocurrencies, starting in June.
The move comes two months after Facebook Inc. (Nasdaq: FB) issued a similar policy. The search giant will be altering its Google AdWords and other policies, which would “restrict the advertisement of Contracts for Difference, rolling spot forex, and financial spread betting.”
The company said that “Cryptocurrencies and related content” will be part of the restrictions.
Scott Spencer, Google’s director of sustainable ads, spoke with CNBC on Tuesday and explained the thinking behind the company’s decision.
“We don’t have a crystal ball to know where the future is going to go with cryptocurrencies, but we’ve seen enough consumer harm or potential for consumer harm that it’s an area that we want to approach with extreme caution,” he said.
Here is a recap of the top cryptocurrency prices at 2:30 p.m. EDT.
- Bitcoin: $8.397.93, -8.74%
- Ethereum: $626.03, -9.54%
- Ripple: $0.717, -8.52%
- Bitcoin Cash: $962.92, -10.06%
- Litecoin: $163.22, -7.26%
Now that we know all of today’s price movements, here’s what has been moving these cryptocurrencies.
Cryptocurrency News Today
On Wednesday, the market capitalization of the global cryptocurrency sector fell to $338.15 billion.
Bitcoin comprised 42% of the total cryptocurrency market, with a market cap of $149.56 billion.
The top performer of the day was Power Ledger, which only gained 5.23%. Only three of the top 100 largest cryptocurrencies by market capitalization showed gains. Ardor added 3.16%, and Tether added 0.43%.
The worst performers from the top 100 largest cryptocurrencies by market capitalization included Populous (down -16.23%), Electroneum (down -16.74%), DigaxDAO (down -14.31%), Ark (down -13.70%), Lisk (down -13.68%), Monero (down -13.14%), and IOTA (down -13.07%).
*This has been a guest post by Money Morning*