Bitcoin fell sharply amid broad-based cryptocurrency selling as negative sentiment deepened after Google said it would ban all crypto-related advertisement.
The move comes amid mounting fears of a coordinate effort by international regulators in Europe, U.S., Asia to curb cryptocurrency activity.
Japan is expected to urge its G20 counterparts at a meeting next week to step up efforts to prevent cryptocurrencies from being used for money laundering, Reuters reported citing a government official with direct knowledge of the matter.
IMF chief Christine Lagarde said this week that the same technology that powered cryptocurrencies could be used to help regulate them. “We can harness the potential of crypto-assets while ensuring that they never become a haven for illegal activity or a source of financial vulnerability.”
On the bitfinex exchange, Bitcoin fell 11.63% to $8,050. The popular currency has struggled to find its footing after attempts to rally above $11,000 to $12,000 zone was met with selling resistance.
The dour mood in cryptomarkets was characterised by a slump in the total cryptomarket cap to about $330 billion – at the time of writing – down from $364 billion Tuesday, reaching levels last seen when bitcoin fell to $6,000.
Ripple XRP fell 10.93% to $0.68139 on the poloniex exchange, while Ethereum fell 11.93% to $682.99.