Why bitcoin price down?

Prices of major cryptocurrencies saw a sharp downward slide Thursday, amid closer regulatory scrutiny on the space and after Google announced plans to ban advertising related to the sector.

The market capitalization or value of all the world's digital coins stood at $310.4 billion early on Thursday morning, down from $372.9 billion a day before, according to Coinmarketcap.com, which tracks prices based on different exchanges.

On the otherhand the world's largest cryptocurrency by market cap, traded as low as $7,676.52 on Thursday, the lowest since February 8, according to CoinDesk data. However, by 4.00 a.m ET the price had recovered to $8,219.77, pushing the total cryptocurrency market cap to $331.7 billion.

Market fall"A number of factors have weighed on the price of cryptocurrencies.

The first major one was selling by the trustees of collapsed Japanese cryptocurrency exchange Mt.Gox. It closed in 2014 and filed for bankruptcy after losing around 850,000 bitcoins. Its founder Mark Karpeles, recently pleaded not guilty to charges of embezzlement.

Second"Meanwhile, Alphabet-owned Google, the world's largest digital advertiser, announced it was banning cryptocurrency-related advertising, including initial coin offerings (ICOs), wallets and trading advice.

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