Bitcoin Price Slides as UK Banks Ban purchases with Credit Cards

2018 seems to be a miserable year for the cryptocurrency. The news like Facebook banning adverts for bitcoin and other cryptocurrency, losses on the cards, Warren Buffett ruling out the purchase of cryptocurrency, falling of the bitcoin price below $8000 mark ( for the first time since November), gives us a belief that Bitcoin has “come to a bad ending.”

And if that was not enough, there is another announcement that is adding to the investors mounting list of concerns. Yes, the major banks are putting a blanket ban on the customers who are trading bitcoins through the credit cards. A spokesperson from the banking group confirmed the news, saying that

“Across Lloyds Bank, Bank of Scotland, Halifax and MBNA, we do not accept credit card transactions involving the purchase of cryptocurrencies.”

Why Ban on Purchase of Bitcoin through Credit Cards?

Amid global fears, spiking inflation and recession like condition in the major economies, the banks are not hesitant to make the bold moves. And in order to save themselves from the debt trap, the banks including Halifax, HBNA and Bank of Scotland are taking the stern steps like this.  Even the police officials have co-related high purchase of digital currency among the criminals in order to evade traditional money laundering checks.

This step has been first initiated by the US and now the Lloyds banking group are moving on the same trail.  This makes us wander is the future of bitcoin trouble? Will the global jitters lower down the investors’ appetite further or will the mother of all bubbles, bitcoin will burst?