The early February 2018 crypto bloodbath continued on Monday, with Bitcoin and all the other digital coins continuing to plunge to new lows. Well, the new lows are relative to how you look at the market. Bitcoin trading at around $7,600 sounds like bad news for late traders who bought in at prices near the all-time high of nearly $20,000 in mid-December. But for many people, Bitcoin and all other coins are still profitable, even after market caps of all digital coins have dropped back down to early-December levels.
News over the weekend killed Bitcoin’s brief rally. After climbing to nearly $9,500 on Friday, Bitcoin plunged below $8,000 on Super Bowl Sunday. Three US-based lenders decided not to accept credit card payments for cryptocurrency purchases, while news from China said the country will enforce its exchange ban on international companies that still support Chinese traders.
The plunge continued on Monday morning, with prices dropping to even lower levels — we’re looking at price drops across the board, with the top 10 crypto coins by market cap trading at between 12% to 20% lower than they were on Friday.
It looks like UK-based credit card companies are just as spooked as JP Morgan Chase, Bank of America, and Citigroup when it comes to the risk associated with crypto purchases. Per Reuters, Lloyds Banking Group, Britain’s biggest lender, announced on Sunday that it will ban credit card customers from buying crypto coins.- READ MORE
[give_form id=”79809″] [divider][/divider]While financial experts have been debating the stability of bitcoins — a form of digital currency that has taken the market by storm — one famous former Wall Street player has chimed in with an urgent message.
Jordan Belfort, the real-life “Wolf of Wall Street,” warned potential buyers interested in investing in bitcoins that that there was no real value to the currency, calling it a “bubble.”
“I’m certain at the end of the day it will end up close to zero, that’s the bottom line,” Belfort told Fox Business in an interview published Friday.
Bitcoin was created in 2008, and its stock value recently experienced a dramatic spike, as one unit of the cryptocurrency was worth around $1,000 in January 2017, but has seen recent values upwards of $15,000, according to U.S. Consumer Finance.
Bitcoins can be used to buy merchandise anonymously, and because the currency is decentralized, it has no ties to any specific country or financial institution, meaning it’s not subject to regulation. – READ MORE
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