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At the time of publishing, bitcoin has seen a more than eight percent drop in value, and has fallen below $8,000, at $7,935.

Twitter is banning cryptocurrency adverts across its site from Tuesday, succumbing to mounting pressure to join Google and Facebook in a crackdown on the controversial promotions.

Starting March 27, Twitter will no longer allow advertisements of cryptocurrencies on its platform.

The social network told Reuters that the ban will cover advertising for Initial Coin Offerings (ICOs) and token sales. "We will continue to iterate and improve upon this policy as the industry evolves". The revised policies for these financial services related advertisements will be disclosed in next 30 days, however, some crypto exchanges will get an exception if they are listed as public companies on certain major stock markets. For Japan, the restrictions will be limited to crypto exchanges regulated by its national financial regulator, Twitter said.

In order to protect the safety of the community, Twitter added a new policy for cryptocurrency-related ads. Hyping up cryptocurrencies and creating pump and dump schemes via online social media like Twitter and Telegram has been one of the main strategies that some individuals use to generate quick profits on the crypto market. The consensus is that such banning of cryptocurrencies and ICO ads will cripple the many fraudulent operations that are clogging up the crypto space.

The move from Twitter follows the likes of Facebook, Google, and Reddit, which claims to have banned digital currency ads in 2016, according to a report from the Verge. As such, we have added a new policy for Twitter Ads relating to cryptocurrency. Ethereum is down to $475, representing a near 10.30 percent drop, whereas, ripple has declined by almost 10 percent and is trading at $0.586827. Billions of dollars have been raised by some startups through initial coin offerings in the highly unregulated and volatile market.

The largest cryptocurrency traded flat at $7,847.87 as of 11 am in Hong Kong, according to Bloomberg.