Bitcoin hovers near $8000 level as investors weigh Twitter ban

Since reaching a peak of almost $20,000 in mid-December at the height of the cryptocurrency frenzy, bitcoin has lost more than half of its value

Bitcoin swung between gains and losses around the $8,000 mark as investors digested the latest developments in a widening social-media crackdown on digital tokens.

The largest cryptocurrency was steady at $7,844.25 as of 9:42 am in London, according to consolidated Bloomberg pricing. Twitter confirmed on Monday it’s banning advertisements for initial coin offerings and token sales on its platform, joining Facebook and Alphabet’s Google on the list of tech giants keeping cryptos at bay. Rival coins Ripple, Ether and Litecoin fell.

Since reaching a peak of almost $20,000 in mid-December at the height of the cryptocurrency frenzy, bitcoin has lost more than