Bitcoin fell roughly 6% following news that Google, the world's largest ad provider, is cracking down on cryptocurrency.

Posted on CNBC | By Kate Rooney

Tech giant Google announced an update Wednesday to its financial services policy that will restrict advertising for "cryptocurrencies and related content" starting in June.

Bitcoin fell 12% in late January after Facebook announced it would ban ads on "binary options, initial coin offerings and cryptocurrency." The social media giant said it would prohibit ads for financial products and services "that are frequently associated with misleading or deceptive promotional practices."

A report of a CFTC subpoena on major cryptocurrency exchange Bitfinex and an SEC emergency asset freeze on an initial coin offering added to negative sentiment that day.

Some analysts say the bans could be a good thing for the industry over the long term, and blame price moves on continuing regulatory uncertainty.

Read entire article Bitcoin falls back below $9,000 after Google says it will ban cryptocurrency ads | CNBC

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