Lloyds Banking Group bans credit card purchases of Bitcoin

Jon Howard
February 7, 2018

Other cryptocurrencies have also dropped sharply in value this week. It joined U.S. 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.

Since this year has been dominated by negative news for cryptocurrencies, majority are down at least 70 percent from their record highs. This in spite of the tax department surveying and even reaching out to individual users of popular bitcoin exchanges. From a peak of $830 billion at the start of January, the global cryptocurrency market has now shrunk to $285 billion, according to data provider CoinMarketCap.com.

The price of Bitcoin on the Luxembourg-based Bitstamp exchange has now fallen by more than half from a peak of nearly $20,000 hit in December BTC=BTSP. We will see continued investment, continued adoption, inspiring developers.

Christopher Giancarlo, the chairman of the Commodity Futures Trading Commission (CFTC) and Jay Clayton, chairman of the Securities and Exchange Commission (SEC) will appear in front of the Senate Banking Committee today where they will discuss the potential future of virtual currencies. On Tuesday, the Bank for International Settlements warned that authorities must be prepared to act against the "invasive spread of cryptocurrencies".

Cryptocurrencies have seen their value take a serious hit since the Federal Bureau of Investigation and Governments started to crackdown alleged fraud in fundraising by some cryptocurrency companies and traders. With fraud, the customers aren't the ones who are stuck paying the bill - the credit card company is the one who has its bottom line impacted.

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Bitcoin and other cryptocurrency enjoyed enormous increases in value in 2017.

But it's not just Bitcoin.

The assets later stage a partial recovery, with Bitcoin rising to about $7,418 before falling back again. The median transaction fee is around $2.60, according to BitInfoCharts, while Blockchain.info shows the average confirmation time is about 10 hours.

All the major cryptocurrencies like bitcoin, ethereum, litecoin, and ripple price fell since the beginning of the new year.

Beyond the effects of regulation in South Korea, China and Japan, India has also begun to express a strong desire to stifle to suppress bitcoin.

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