Alphabet Inc.'s Google said on Wednesday it was banning advertisements for cryptocurrencies and initial coin offerings, the latest internet company to clamp down on the sector amid growing concerns about scams.

Google's action, which takes effect in June and follows a similar move by Facebook earlier this year, sent the price of the best-known cryptocurrency, bitcoin, down more than 10 percent to its lowest in a month.

Interest in cryptocurrencies has surged in the last year as their prices rocketed.