Bitcoin fell sharply amid broad-based cryptocurrency selling as negative sentiment deepened after Google said it would ban all crypto-related advertisement.
The move comes among mounting fears of a coordinate effort by international regulators in Europe, U.S., Asia to curb cryptocurrency activity.
IMF chief Christine Lagarde said “We can harness the potential of crypto-assets while ensuring that they never become a haven for illegal activity or a source of financial vulnerability.” It means that the same technology that powered cryptocurrencies could be used to help regulate them.
On the bitfinex exchange, Bitcoin fell 11.63% to $8,050. The popular currency has struggled to find its footing after attempts to rally above $11,000 to $12,000 zone was met with selling resistance.