Bitcoin's value has hit a 3-month low of $5995

Bitcoin's value has hit a 3-month low of $5995

Bitcoin's value has hit a 3-month low of $5995

On Friday, J.P. Morgan Chase, Bank of America and Citigroup also said they have chose to ban cryptocurrency purchases by their credit card customers. It joined US banking giants JPMorgan Chase & Co (JPM.N) and Citigroup (C.N) who announced similar bans on concerns the lenders could be held liable when the volatile currencies plunge in value. The cryptocurrency's Moving Average Convergence Divergence indicator, the most profitable of 22 trading signals tracked by Bloomberg over the past year, flagged further downside after turning bearish in December.

Bitcoin had its peak back in November, when it reached the high price of $19,000, and has been falling since then.

"However, demand for cryptocurrencies is set to skyrocket in 2018 as more people get to know about them and use them, and as the interest of governments and businesses, and more regulation, demonstrate how the market is maturing and becoming ever-more mainstream".

Of course, the cryptocurrency is still flying high relative to its value of $1,052 this time previous year, but since hitting an all-time high value of $19,343 on 16 December, it's been on a rapid decline.

The move comes amid fears that investors speculating on the volatile market could face huge losses.

Josh McDaniels named new head coach of Indianapolis Colts
So one can't assume the Colts will be a quick-throwing team under McDaniels just because that was his style in New England. National Football League rules prohibited the Colts from making the hiring official until the Patriots' season ended.

On Friday, Facebook announced that the social network platform would ban all advertisements for bitcoin, cryptocurrencies, and ICOs (initial coin offerings) that helped to further the selloff.

Concerns about the credibility of cryptocurrencies from the Central Bank of Europe and also the United States banks have also affected the price. This has seen massive sells because countries like china are moving fast to ban the use of digital currencies like Bitcoin in the country. And more fraud losses can spell a major headache and financial hit for credit card companies. "This only applies to our credit cards and not our debit card". Bitcoin is down more than 10 per cent in that period. It started that year off at just around $1,000 per bitcoin.

In Asia, both China and South Korea have cracked down on cryptocurrencies.

The plunge in its value has coincided with a heavy sell-off in global stock markets in recent days, a break from the traditional narrative often used as a selling point for bitcoin enthusiasts: that it is uncorrelated from other asset classes.

Related news