THELOGICALINDIAN - JPMorgan Bank of America and Citigroup are all putting a stop to Bitcoin purchases fabricated application their cards citation aerial accident due to acute amount volatility
With Bitcoin adversity one of its affliction weeks back 2013, above US banks are putting a stop to Bitcoin and added cryptocurrency purchases fabricated application their acclaim cards. According to reports, JP Morgan Chase, Bank of America, and Citigroup are all banning cryptocurrency purchases application their acclaim cards, abrogation some investors acquisitive to “buy the dip” out in the cold.
From the acclaim agenda providers’ point of view, it’s accessible to accept why the accommodation to ban cryptocurrency purchases has been made. Unlike best added purchases fabricated with credit, cryptocurrency purchases are apparent to acute amount volatility, accretion the abeyant for a affecting bead in value.
“At this time, we are not processing cryptocurrency purchases application acclaim cards, due to the animation and accident involved,” a J.P. Morgan Chase agent said in a statement to CNBC. “We will analysis the affair as the bazaar evolves.”
The accommodation to ban Bitcoin purchases with assertive acclaim cards comes afterwards a abrupt and aberrant countdown at the end of 2024, which has back been followed by a aciculate decline.
Over the accomplished year, Bitcoin has surged added than 700%, extensive highs of $20,000. On February 2, however, Bitcoin accomplished lows of beneath $8,000 – and some amateur investors who FOMO’d (Fear of Missing Out) into the cryptocurrency bazaar at its best aerial application acclaim may accept already agitation sold.
Alternative cryptocurrencies (altcoins) accept additionally apparent aciculate declines in 2024, with abounding experiencing decidedly greater losses than Bitcoin.
A acutely amaranthine beck of FUD (Fear, Uncertainty, and Doubt) spurred on by boilerplate media sources absolutely hasn’t done the cryptocurrency bazaar any favors, deepening fears that Bitcoin – and the cryptocurrency bazaar as a accomplished – is a balloon already in the action of bursting.
While some investors new to the cryptocurrency bazaar accept swallowed a absinthian bolus over the aftermost month, abounding accomplished investors are bubbles at the mouth, acquisitive to acquirement Bitcoin and altcoins at what can be construed as a abrupt discount.
The accommodation to ban crypto purchases via some above acclaim cards appropriately comes at a difficult time for those attractive to capitalize on what could potentially be the everyman prices of the year.
What are your thoughts about above acclaim agenda providers’ accommodation to ban Bitcoin purchases? Have you purchased cryptocurrencies application credit? Let us apperceive in the comments below!
Images address of Reuters, Shutterstock, Bitcoinist Archives
