The Ethereum price (ETH/USD) has fallen to its lowest level since early December following yesterday’s announcement that Twitter is banning advertisement content for some cryptocurrency activities, including initial coin offerings (ICOs).
“We are committed to ensuring the safety of the Twitter community. As such, we have added a new policy for Twitter Ads relating to cryptocurrency,” a Twitter spokesperson said yesterday, as quoted by CNBC. “Under this new policy, the advertisement of Initial Coin Offerings (ICOs) and token sales will be prohibited globally.”
While the new policy will also affect some crypto exchanges and wallet providers, it appears to be primarily focused on ICOs. Ethereum is the most popular platform for conducting token sales, which could explain why the digital coin has seen steeper losses than some of its main rivals, namely Bitcoin (BTC), Ripple (XRP) and Bitcoin Cash (BCH).
According to data from cryptocurrency tracker Coinmarketcap, Ethereum has lost around 7% of its value in the past 24 hours. Yesterday, the second-largest cryptocurrency on the market fell to an intraday low of $470.44, before ending the session at $489.95, down from its opening level of $524.29. The virtual token extended its losses in today’s morning session, with its price reaching $454.46, its lowest price level since December 11. The Ethereum price has edged higher in more recent trading, although it has stayed well below yesterday’s close.
In today’s trading, the Ethereum price stood at $460.21, as of 12:54 BST. The digital currency has lost 7% of its value in the past 24 hours. Its total market capitalisation currently stands at $45.3 billion, which is roughly a third of the total value of market leader Bitcoin and more than twice as much as the third-largest coin, Ripple.
For further information on how to buy and trade Ethereum, see our comprehensive Ethereum guide.