Renouncing a bitcoin ad that’s circulating (10)

I believe the answer is:

abdication

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'renouncing a bitcoin ad that's circulating' is the definition.
I can't judge whether this defines the answer.

'a bitcoin ad that's circulating' is the wordplay.
'that's circulating' indicates an anagram.
'bitcoin'+'ad'='bitcoinad'
'bitcoinad' with letters rearranged gives 'bdication'.
'a'+'bdication'='ABDICATION'

Can you help me to learn more?

(Other definitions for abdication that I've seen before include "End of rule" , "Acid in boat (anag.)" , "regrettable royal event?" .)

I've seen this clue in The Times.

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