Bitcoin fell roughly 7 percent Monday to below $8,000 following weeks of regulatory uncertainty and advertising crackdowns by tech companies.

The cryptocurrency was trading near $7,886 as of 3:04 p.m. ET, more than $600 lower than a day earlier, according to data from Coinbase. It's down more than 42 percent year to date after starting this year above $13,000.

Twitter announced Monday it would ban advertising for cryptocurrencies, following similar bans by Google and Facebook to crack down on fraud in initial coin offerings.

"Today's news on Twitter's ban is likely a significant contributor to the steep sell-off," said Timothy Tam, co-founder of crypto-market intelligence platform CoinFi. "As new retail investors enter cryptocurrency, a large portion of them are trading on raw emotion."

Bitcoin's one-day performance

Source: CoinBase

Bitcoin prices fell earlier this year after news of similar announcements.

The digital currency dropped 12 percent in late January after Facebook, the world's second-largest online ad provider, said it would ban all ads that promote cryptocurrencies to prevent the spread of what it called "financial products and services frequently associated with misleading or deceptive promotional practices."