File image: Google. (Reuters).

CAPE TOWN - Cryptocurrency Ethereum has fallen hard, hitting an all new low, reports bitcoin news site, NewsBTC. 

Ethereum usually trades well but it has taken a painful knock over the past few days, according to NewsBTC. NewsBTC says that this could be attributed to Google and Facebook’s bans on cryptocurrency ads. 

Ethereum has reportedly been the the preferred initial coin offering (ICO) over the past year. 

Since government bans have been sanctioned, Ethereum has tumbled. The cryptocurrency fell to under $585, suffering a 16% decline in 24 hours. 

READ ALSO: Google bans all cryptocurrency-related advertising

Meanwhile, Business Report reported that under Google's new policy, the company will ban ads for unregulated or speculative financial products like binary options, cryptocurrency and financial spread betting among others. This ban includes initial coin offerings (ICOs), wallets and trading advice. 

In a separate blog post, Google said it took down 3.2 billion ads that violated its advertising policies in 2017, nearly double the number of ads it removed in 2016.

"Improving the ads experience across the web, whether that's removing harmful ads or intrusive ads, will continue to be a top priority for us," Scott Spencer, director of sustainable ads, said

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- BUSINESS REPORT ONLINE