Twitter announced that it would ban cryptocurrency ads starting this Tuesday, and Bitcoin plummeted

Following Google and Facebook, Twitter also announced a ban on ICO and token sales ads. Due to the cryptocurrency ban by major global social media platforms, as of press time, data from the trading platform Bitstamp showed that Bitcoin fell below the psychological mark of $8,000. In addition to Bitcoin, digital currencies fell collectively, with Litecoin falling more than 8% and Ethereum falling more than 4%.

According to foreign media reports, a Twitter spokesperson said on the 26th that the new policy will be implemented on the 27th and will be fully implemented within a month. Twitter said in a statement: "We are committed to ensuring the safety of the Twitter community. Therefore, we have set a new policy on cryptocurrency advertising for Twitter, which will ban ICO and token sale ads worldwide. As this industry develops, we will continue to improve and update this policy."

The decision comes after Facebook banned cryptocurrency ads in January and Google said it would ban such ads starting in June as part of a broader crackdown on deceptive and misleading ads on its platforms. Social media platforms are watching closely as regulators grow wary of the industry around the world.

The SEC sent subpoenas earlier this month to a number of ICO teams it suspected of violating securities regulations, and has been warning since July last year that some offerings may have violated securities regulations.