Bitcoin falls below $9,000 after Google says it will ban all cryptocurrency ads

The price of bitcoin fell roughly 6 percent following Google’s cracking down on cryptocurrency. Facebook, the second largest online ad provider, took similar action in January when it issued a new policy that prohibits ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency. Bitcoin fell by about 12% back in January when Facebook made similar announcement.

The price of Bitcoin has been hovering between the $7,000 to $11,000 range since February. Bitcoin regained by about 1% since morning. The price drop may also have to do with the statement from the head of global economics and strategy from Allianz Global. “In our view, its intrinsic value must be zero,” Stefan Hofrichter, the company’s head of global economics and strategy, wrote in a recent web post. “A bitcoin is a claim on nobody – in contrast to, for instance, sovereign bonds, equities or paper money – and it does not generate any income stream, ” he told Bloomberg.