JP Morgan Chase is now one of the greatest three banks, to back off crypto, the bank no longer operate crypto. Without all bitcoin and also crypto transactions is going to be prevented, all credit card users will bear the brunt of the force. Credit card purchases of Bitcoin will no more be accepted as banks initiate their clampdown. This was more echoed by Halifax, MBNA, Lloyds and also RBOS also shutting their doors to bitcoin in the united kingdom.
As you can see below, bitcoin values are really unstable in the last week. The present week,we are in has observed a massive reduction of value from $10241 to lows of $6040 on Thursday. Reflecting the anxiety selling because of the restrictions being enforced, trading volumes exceeded $13.5 Billion.
Considering bitcoin prices are really volatile, in the course of writing, shedding more than $2000 within a week, many banks consider the loans and credit being used to acquire crypto as extremely risky. Even though banks no more believe that their loans is going to be paid back, the wave of risky investing has tipped into the region of gambling several remortgage houses and take large loans in order to jump aboard the bitcoin hype. Moreover,, the banks also have cited potential security problems with bitcoin funds. JP Morgan has closely connected bitcoin trading to money laundering and also terrorist support practices.
JP Morgan Chase, the Bank of America as well as the Citi Group have declared a blanket ban on bitcoin transactions via their credit cards. Citing consumer protection as the major reason for the current change in policy these banks join the likes of the Lloyds banking group which also declared a ban on crypto transactions.