DeVere officially launches cryptocurrency app with bold Bitcoin predictions
Feb 07 2018
Bitcoin is not alone however, most of the other top cryptocurrencies in the space including Ripple, Ethereum, and Bitcoin Cash, have also fallen dramatically in value. It joined United States banking giants JPMorgan Chase & Co and Citigroup, which announced similar bans on concerns the lenders could be held liable when the volatile currencies plunge in value.
A spokeswoman for Chase bank said it is not now processing credit card purchases of cryptocurrencies because of the volatility and risk involved, while a Citi spokeswoman confirmed a similar ban, but did not give a reason.
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The biggest sell-off in cryptocurrency market history has wiped out around $550 billion since January 7, when the market capitalization reached a record $836 billion.
In America's senate, the lawmakers on Tuesday are set to probe as to how the regulators can prevent investors from currency fluctuations and loss.
South Korea's decision to place taxes and other regulatory requirements on crypto trading rather than ban it, has provided a support to prices. On Tuesday, the Bank for International Settlements warned that authorities must be prepared to act against the "invasive spread of cryptocurrencies".
China is planning on taking these regulations even further by banning access to foreign digital currency markets. And more fraud losses can spell a major headache and financial hit for credit card companies.
The bans extends only to credit card purchases, with debit card users still able to buy cryptocurrencies. The site measures bitcoin based on Coordinated Universal Time - now the same time zone as the United Kingdom.
Cryptocurrency, which gained popularity because of its non-reliance on governments and banks, has also been the target of hackers who have reportedly stolen millions of dollars worth of Bitcoin in recent months.
On Monday, Financial News, a publication closely affiliated with the People's Bank of China, reported that the central bank will block all platforms related to cryptocurrency trading and the issuance of so-called initial coin offerings (ICOs).