Bitcoin Plummets After Google Ad Ban

Google says it is going to ban advertisements for cryptocurrencies such as bitcoin, as well as related content like trading advice and cryptocurrency wallets. The new policies, which also ban other complex financial products, were announced Wednesday and will go into effect in June. The move follows a similar step by Facebook earlier this year. The social networking giant updated its ad policy in January to ban financial products often associated with deceptive practices, including those involving cryptocurrencies such as bitcoin, the AP reports.

Bitcoin, which fell from above $11,000 to below $9,000 last week after the SEC made it clear that it would be applying securities laws to entities like cryptocurrency exchanges, fell below $8,000 on news of the Google ad ban, CNBC reports. Analysts say that while regulators are taking greater interest in bitcoin, Internet searches have dropped, suggesting public interest is fading after last year's dizzying surge in value and subsequent drop. "The general public is now realizing that this is not a risk-free, get-rich-quick, investment opportunity and general interest has since diminished," Digital Asset Research analyst Lucas Nuzzi tells Bloomberg. (More bitcoin stories.)