crypto news

The price of the No. 1 digital currency extended a brutal slide on Wednesday, adding to its recent losses amid another wave of negative news.

A single bitcoin BTCUSD, -8.57% was last traded at $8,701.19, down 4.8%, after hitting an overnight low $8,640.72 early Wednesday and has dragged all major digital currencies along for the bearish ride.

Google updates financial services
Losses for bitcoin intensified after Google GOOG, +0.97% announced it was updating its financial-services policy, saying ads will no longer be allowed to service “cryptocurrencies and related content.”

Google said the related content includes those for initial coin offerings, or ICOs, cryptocurrency exchanges and wallets. While the news isn’t ideal for crypto investors.

That news comes as the crypto industry faces another hearing on Capitol Hill.

Later Wednesday, the Senate’s Subcommittee on Capital Markets, Securities and Investment will hold a hearing called “Examining Cryptocurrencies and ICO Markets.” After regulation issues dogged the market, investors will be hoping for some good news to stop the rot.

“All eyes are on today’s ICO Senate hearing,” said Jeff Koyen, president of 360 Blockchain USA.

“But I do think the Google news is pushing the market down. I’ve been watching prices just about all night, and this slide started when US markets woke up and learned about the upcoming ban.”