from up to 50 million user profiles.
Twitter has confirmed that it will begin blocking cryptocurrency-related ads on the platfrom from Tuesday, March 27 even as the micro-blogging site updated its policy relating to such advertisements.
Twitter Inc is the latest to join the likes of Facebook, Google and Reddit in cracking down on cryptocurrency-related fraud - and is doing so by banning all advertising pertaining to cryptocurrency starting today.
Facebook has restricted crypto-related adverts, while Google announced a ban that comes into force in June. This announcement negatively affected the price of Bitcoin.
Rumors initially circulated a week ago that Twitter would ban such ads.
"The Facebook sources believe Zuckerberg's willingness to testify will also to put pressure on Google CEO Sundar Pichai and Twitter CEO Jack Dorsey to do the same". They recovered most of that drop in a matter of hours though. Brian Kelly, CEO of BKCM, a prominent digital asset investment fund told the publication that the market was "just drifting lower" and the news wasn't really anything to concern investors in Bitcoin. "The biggest potential short-term catalyst is increased trading in South Korea as that government re-embraces crypto", he said.
Since reaching a peak of nearly $20,000 in mid-December at the height of the cryptocurrency frenzy, Bitcoin has lost more than half of its value as investors weigh the future of the nascent industry amid intensifying scrutiny.