Bing bans crypto ads citing unregulated environment and high risks of fraud.

Bitcoin bears get another cause for sell-off.

Bing's decision to join the trend of cryptocurrency-related ad ban initiated by Facebook in January and followed by Google and Twitter later this year. Microsoft-owned browser announced the decision to disallow cryptocurrency advertising.

"We are always evaluating our policies to ensure a safe and engaging experience for our Bing users and the digital advertising ecosystem. Because cryptocurrency and related products are not regulated, we have found them to present a possible elevated risk to our users with the potential for bad actors to participate in predatory behaviors, or otherwise scam consumers," the company explained in the official statement.

While Bing is not as popular as Google, the decision might have added gloom to the cryptocurrency market, vulnerable to bearish sentiments. Bitcoin, the largest cryptocurrency by market cap, has lost nearly 7% of its value since the news announcement. BTC/USD is now trading at $8,234, off early Asian low registered at $8,103. The price is still below 50-DMA at $8,286 with the pivotal resistance at $8,425 (38.2% Fibo retracement) followed by $8,846 (100-DMA).

BTC/USD, the daily chart