Google announced in a blog post on Wednesday morning that it is joining Facebook in banning all cryptocurrency related adverts from its platforms.
The news has dented sentiment and cryptocurrencies are falling as a result. Bitcoin is down 4.1% against the dollar to $8,775.39, Ethereum is down 3.3% to $666.77, Ripple is down 3.8% to $0.74, and Bitcoin Cash is down 3.2% to $1,018.25.
Mati Greenspan, an analyst with trading platform eToro, said in an email on Wednesday morning: "Google joined Facebook in the all-out crypto advertisement ban. So no more ads for ICOs, or crypto, or bitcoin in search results for the time being.
"Bitcoin is having a bad morning on the back of the announcement and has just broken below $9,000. As we've been discussing for a few months already, the long-term support remains just below $8,000 a coin so we're still holding that level just fine.