Bitcoin plunged below $7200 as banks ban crypto-currency payments on credit cards

Bitcoin plunged below $7500 as banks ban crypto-currency payments on credit cards

Bitcoin plunged below $7200 as banks ban crypto-currency payments on credit cards

Today has not been kind to Bitcoin, seeing the value of the currency rally up to around $9,200 on Saturday only to plummet to under $7500 at the time of writing.

This decrease is due to many of the world’s major credit card providers, banning their customers from using their credit to purchase any cryptocurrencies. These providers include Lloyds Bank, Bank of Scotland and Halifax in the UK and J.P. Morgan, Bank of America, Citigroup in the United States.

Lloyds confirmed that this ban is designed to prevent the bank from having to foot any unpaid debts which could come as the result of further increases in cryptocurrency prices, as many uninformed customers have been fooled into entering cryptocurrency “get rich quick” schemes.   

Bitcoin’s price has not been this low since Mid-November, and at this time it is hard to predict whether or not Bitcoin will increase or decrease in price in the near future.  

  

Bitcoin plunged below $7500 as banks ban crypto-currency payments on credit cards  

Right now Bitcoin’s value remains highly variable, especially as more regulations and restrictions are placed upon cryptocurrencies, as governments become increasingly aware of the problems they can pose to taxation and the avenues they introduce for unlawful trading or money laundering. 

You can join the discussion on Bitcoin’s plummeting value on the OC3D Forums.