Twitter has become the latest social media platform to disallow advertising relating to cryptocurrency on its webpage, resulting in Bitcoin’s value plummeting below $8,000.

The social media giant told Reuters that it will not allow promotions for initial coin offerings (ICOs) or cryptocurrency wallet services, following in the footsteps of Facebook and Google which placed similar restrictions earlier on in the year.

However, some crypto-exchanges will still be allowed to promote, but most cryptocurrencies will be covered by the ban.

Google implemented the ban just weeks ago, whilst Facebook put it in force in January, saying that too many were misleading its users.

As a result of the ban, the Bitcoin value dropped below $8,000 for the first time in over a week, finishing the day at $7,874.

The global cryptocurrency market has been affected recently as regulatory uncertainty continues, with world leaders at the G20 expressing concern that the technology could affect financial stability.

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