The price of bitcoin swung wildly Sunday, first plunging about 7% to nearly $7,000, then rallying by $700 in the span of a few hours.
were last at $8,355, according to Coindesk.
The plunge was apparently precipitated by a report by the U.K.’s Sky News that Twitter Inc.
would ban cryptocurrency ads in the coming weeks. That would follow similar recent bans by Facebook Inc.
and Alphabet Inc.’s
Google. Twitter had no comment Sunday.
Prices Sunday bottomed out at $7,335 before recovering by late afternoon. Bitcoin is down 15% in the past seven days, and down 23% in the past month. Year to date, bitcoin is down 40%, after peaking at an all-time high above $19,000 in late December.
Still, bitcoin is up 654% over the past year.
Other cryptocurrencies fared better Sunday: ether gained 2%, Ripple jumped almost 11% and bitcoin cash rose nearly 2%.
Bitcoin futures contracts fell as well Sunday, with the Cboe Global Markets April contract
down more than 2% and the CME Group Inc. March contract
down more than 7%.