Bitcoin drops as Twitter confirms crypto advertising ban

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Cryptocurrency prices were sharply lower Monday, with the No. 1 digital currency trading at a weekly nadir as popular sites banned digital-currency advertisement.

A single bitcoin
BTCUSD, -8.35%
last traded at $7,885.15, down 6.7% on the day, and well off its overnight high of $8,489.61, according to news-and-research site CoinDesk.

The plummet in cryptocurrency prices comes as Twitter Inc.
TWTR, +2.84%
confirmed last weeks rumors that it would join Facebook Inc.
FB, +0.42%
and Google-parent Alphabet Inc.
GOOG, +3.10%
GOOGL, +2.68%
in banning advertising of cryptocurrencies and a novel venture raising method known as ICOs, or initial coin offerings.

After staging a relief rally early last week, the price of a single bitcoin is in danger of breaking the Feb 6. low of $5,947.40, which technicians see as a pivotal support level.

Mondays slide comes after a record week of low volatility.

As equity volatility rises, bitcoins subsides

Despite the surging volatility in the stock market, bitcoin is coming off its quietest week in a long time. Last weeks range in the Cboe bitcoin April contract
XBTJ8, -8.31%
of $8,100 to $9,190 was the tightest since the contract listed in late January, according to the Cboe Options Exchange.

Looking at previous high-to-low weekly ranges using the April contract, the average move has been 22.5%. The largest weekly range was the week of Jan. 29Feb. 2 when futures moved 34.25%, said Kevin Davitt, senior instructor at the educational arm of the Cboe.

Read: bitcoin under shadow of death cross chart pattern

Steep losses across the board

Bitcoins fall has been dwarfed by declines in other digital currencies. Ether is off 9.3% at $475.73, bitcoin cash is down 6.7% at $900.98, Litecoin is on its session lows at $143.57, down 10.2% and Ripple is at 59 cents, lower by 8% on the day.

Futures markets closed sharply lower Monday, with the Cboe Global Markets April contract
XBTJ8, -8.31%
finishing down 8% at $7,920 and the CME Group Inc
BTCH8, -11.53%
March contract finishing Monday off 8.2% at $7,910.

CryptoWatch: Check bitcoin and other cryptocurrency prices, performance and market capitalizationall on one dashboard

Quote References BTCUSD -720.17 -8.35% TWTR +0.88 +2.84% FB +0.67 +0.42% GOOG +31.64 +3.10% GOOGL +27.54 +2.68% XBTJ8 -715.00 -8.31% BTCH8 -1,025.00 -11.53% Show all references
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Aaron Hankin is a MarketWatch reporter in New York who covers cryptocurrency and financial markets.

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