Bitcoin Value Declines As Banks Ban Transactions

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Bitcoin Value Declines As Banks Ban Transactions
Bitcoin Value Declines As Banks Ban Transactions

As U.S. credit card companies and major financial institutions (JPMorgan Chase & Co, Bank of America Corp. and Citigroup Inc.) halt purchases of Bitcoin, the value of the world’s major cryptocurrency keeps declining on the global market. The first company to have issued a ban on BTC transactions, JPMorgan, stated that it wants to avoid the credit risk related to crypto.

Following this example, Bank of America put a hold on credit card transactions with major digital assets such as Litecoin and Ethereum as well. Both personal and business users are affected by the decision, although the ban does not refer to any debit cards. Moreover, Citigroup’s spokeswoman Jennifer Bombardier added that the company’s policy to ban all crypto purchases will be reviewed as the situation on the market unfolds.

Last year in December, BTC reached a staggering $20 thousand USD per unit, only to lose more than half of its value in February and is now followed by a constant declining trend! The current price for one coin is stuck between $7,000 and $8,000 due to regulatory threats and Facebook’s recent decision to ban misleading cryptocurrency ads. In addition, banks are monitoring suspicious money transactions which could lead to potential laundering attempts and stolen credit cards. Allowing further purchases of digital money with this paying method is directly helping thieves and illegal traders, according to industry experts.

Among other financial companies that have stopped supporting these transactions are also Mastercard Inc., Capital One Financial Corp. and Discover Financial Services. Discover’s CEO, David Nelms, stated that financing cryptocurrencies might change in the future, as it depends on the market and customer demand.

Stay tuned if you want to know everything about keeping your Bitcoins safe and take the necessary steps towards protecting your cryptocurrency stash. There are many quacks and swindlers on the market that are trying to get their hands on crypto money, and the recent ban is issued mostly because of them, adds Nelms.


“Bitcoin Ban Expands Across Credit Cards as Big U.S. Banks Recoil”, Jennifer Surane and Laura J. Kellar,, February 2, 2018.

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