Bitcoin plunges 7%, then bounces back, after report of Twitter ad ban

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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.

Bitcoin prices BTCUSD, -1.12%   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. TWTR, -0.61%   would ban cryptocurrency ads in the coming weeks. That would follow similar recent bans by Facebook Inc. FB, +0.67%   and Alphabet Inc.’s GOOGL, -1.41%   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 XBTJ8, -4.25%   down more than 2% and the CME Group Inc. March contract BTCH8, -9.04%   down more than 7%.