Bitcoin swung between gains and losses near the $8,000 (R 93 3420, 00) level, paring an earlier rebound, as investors digested the decision by Twitter Inc. to ban advertisements for initial coin offerings and token sales on its service.
The largest cryptocurrency traded flat at $7,847.87 (R 91 566,99) as of 11 a.m. in Hong Kong, according to consolidated Bloomberg pricing.
The digital currency had earlier jumped as much as 4.8%, reversing an overnight decline that took Bitcoin down to about $7,850 (R91 591,84).
Rival coins Ripple, Ether and Litecoin also erased gains. Bitcoin remains down 25% in March.
Twitter confirmed Monday it’s banning the advertisements on its platform due to concern the content is often related to deception and fraud, according to a company spokesperson.
The decision comes after Facebook Inc. banned cryptocurrency ads in January and Alphabet Inc.’s Google said it would do the same starting in June.
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