Bitcoin continues to tumble, briefly breaking below $6000
Feb 07, 2018, 01:08
In the United Kingdom the Lloyds group (which includes Lloyds Bank, Bank of Scotland, Halifax and MBNA) and Virgin money have both blocked Bitcoin purchases via their credit cards, as have JP Morgan Chase, Bank of America, and Citigroup in the US. Citigroup, JPMorgan Chase, and Bank of America have all joined the ranks of the companies who have enacted a bitcoin ban.
Since this year has been dominated by negative news for cryptocurrencies, a lot of them are down at least 70 percent from their record highs. The decline of bitcoin seems to be continuing unabated, since mid-December, this week dipping below $6,000, a figure which financial analysts have not reported since November.
The entire cryptocurrency market was in double-digit losses on the day.
Less than two months after Bitcoin's value soared to an all-time high of almost $20,000, the cryptocurrency has started February with an equally impressive fall. One Ripple coin can now be bought for approximately $0.70 or 0.00009879 BTC on major cryptocurrency exchanges including CEX.IO, Altcoin Trader, Kraken and Poloniex.
Monday saw New York's headline index lose 1,175 points, equating to a 4.6% drop, marking the worst single trading session loss in Wall Street history.
"This is an extremely volatile market", said Iqbal Gandham, managing director at trading platform eToro.
The decision on whether to allow credit card users to buy cryptocurrencies is a credit risk decision made by the card-issuing banks, a spokesman for Mastercard said.
Last week's hack of Coindesk in which an estimated half-a-billion dollars' worth of Bitcoins were stolen is just one of many heists in the past, and a trend which is likely to continue moving forward. This has however not changed in February as today Bitcoin went down by 20% to trade below the $7,000 mark.
They claim that bitcoin and other cryptocurrencies will continue to be seen as viable options by global traders irrespective of the clampdown and on-going erosion in price.
China and South Korea have already banned digital currencies, while Japan and Australia have taken steps to tighten Bitcoinregulations.
The heads of the U.S. Securities and Exchange Commission and Commodity Futures Trading Commission are also set to testify before the Senate Banking Committee on Tuesday.
The government took three private television channels off the air on Tuesday as they began to cover of the opposition ceremony. His supporters in the opposition stronghold of Kisumu city in western Kenya clashed with police, who fired tear gas at them.
After losing the iPhone business, Qualcomm will be more aggressive in securing orders from Chinese smartphone vendors. Kuo believes Apple prefers to diversify its supplier base and it wouldn't want to rely entirely on Intel for long.
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The insane stock market isn't dampening Treasury Secretary Steven Mnuchin confidence in the nation's economy. Including boasts he has made in speeches, he has celebrated stock market gains roughly 100 times.
Far-right Brothers of Italy party also protested, expressing on Twitter their stand against "Turkey in Europe". Erdoğan was also expected to meet with Cardinal Pietro Parolin, the Vatican's secretary of state.
Asian markets saw a big decline today, following Friday's Wall Street selloff, with Japan's Nikkei falling almost 2.5 per cent. Indian stock markets were already under pressure after the government re-introduced LTCG-tax on equities in Budget-2018.
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