The Bitcoin price (BTC/USD) has seen significant losses in the past 24 hours, amid another large cryptocurrency sell-off.
The original cryptocurrency seemed to have stabilised following surge in late Monday trading, as it was able to hold above the $8,700 level during yesterday’s morning session. While the digital coin experienced a drop in the afternoon, it managed to cap its losses and successfully defended the $8,500 mark. Bitcoin finished the session at $8,510.38, down from its opening level of $8,705.19.
The Bitcoin price experienced another decline in the early hours of today’s trading, falling to an intraday low of $8,175.49. This was the cryptocurrency’s lowest price level since April 19, data from digital currency tracker Coinmarketcap shows. The coin has since edged higher and its price is currently hovering around $8,260.
Bitcoin’s recent performance has been consistent with a strong downtrend affecting the wider cryptocurrency market. Most digital coins in the top 100 have suffered heavy losses in the past 24 hours. Major cryptocurrencies such as EOS, Bitcoin Cash (BCH), Cardano (ADA) and Stellar (XLM) are posting double-digit percentage losses for that period.
Earlier this week, Microsoft’s online search platform Bing announced that, starting June, it was banning advertising for cryptocurrency, cryptocurrency related products, and un-regulated binary options.
“Because cryptocurrency and related products are not regulated, we have found them to present a possible elevated risk to our users with the potential for bad actors to participate in predatory behaviors, or otherwise scam consumers,” Melissa Alsoszatai-Petheo, advertiser policy manager at Bing, wrote in a blog post on Monday.
Other tech companies, including Google, Facebook and Twitter, have made similar changes to their advertising policies this year. These moves contributed to the sharp drop the cryptocurrency market experienced in the first quarter. It is unclear whether Bing’s announcement has had a similar negative effect on the market.
In today’s trading, the Bitcoin price stood at $8,263.37, as of 09:36 BST. The cryptocurrency has lost 5.5% in the past 24 hours.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.