Bitcoin struggled to hold the $8,000 level Thursday as regulatory uncertainty persisted ahead of the weekend’s G20 meeting.
Finance ministers and central bankers of the Group of 20 major economies are set to meet in Argentina this weekend and are expected to discuss policy on cryptocurrencies.
Bitcoin briefly dipped below the psychologically key level late Thursday morning New York time on Coinbase, the leading marketplace in the U.S. for buying and selling major cryptocurrencies.
The cryptocurrency traded near $8,020 as of 11:44 a.m., ET, down more than 7.5 percent over the last 24 hours. Bitcoin fell below $8,000 overnight before attempting to hold near $8,300.
“You get positive industry news, negative external factors,” said Charlie Hayter, CEO of industry data site CryptoCompare. While the Google ban on crypto ads was widely expected, “you have the other negative effects of regulatory news and the G20 news and how they’re going to react to cryptocurrencies.”
Bitcoin fell Wednesday after Google said it would ban advertisementsfor cryptocurrency-related products beginning in June.