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Though rebounding slightly over Tuesday's low of $7797, the cryptocurrency bitcoin is down more than 40% on the year. A series of negative news stories, including word that social media platforms such as Facebook and Twitter as well as Google will be banning ads for ICOs, have led to the decline in price.
The crypto bigwig started the year around $13000 and has fallen around 42% since that time.
The announced ban by Twitter, Facebook and Google is meant to cut down on fraud by ICOs, also known as Initial Coin Offerings.
A number of such ICOs have scammed investors out of signficant amounts of money in past months.
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