You are here: Home » Markets » Cryptocurrency » Bitcoins
Business Standard

Bitcoin at fresh 2.5-month low as UK bank bans purchase via credit card

The price of Bitcoin on the Luxembourg-based Bitstamp exchange has now fallen by more than half from a peak of almost $20,000 hit in December

Reuters  |  London 

Banks in Britain and the United States have banned the use of credit cards to buy Bitcoin and other "crypto currencies", fearing a plunge in their value will leave customers unable to repay their debts. Lloyds Banking Group Plc, Britain's biggest lender, said on Sunday it would ban its credit card customers from buying crypto currencies, following the lead of US banking giants JP Morgan Chase & Co and Citigroup. As a result, Bitcoin fell 7 percent on Monday to a fresh 2-1/2-month low of $7,599. The move is aimed at protecting customers from running up huge ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Mon, February 05 2018. 19:57 IST