Just when bitcoin "hodlers" thought it couldn't get any worse, it has. Bitcoin, at the time of this writing has now plummeted below $7,000 on Coinbase:
Some believe this latest selloff is due to yet another bank banning credit card buys.
Via Ars Technica:
If there were any lingering doubts about whether the Bitcoin bubble was over, those should be gone now. After falling below $9,000 last Thursday for the first time since November, Bitcoin has fallen south of $7,500 as of this writing. Bitcoin was trading at right around $8,250 at the start of Monday, so it's down nearly 9 percent so far today.
Bitcoin had rallied a bit over the weekend, peaking at nearly $9,500 on Saturday, but Monday's news that Lloyds Bank has prohibited its credit card customers from using their cards for cryptocurrency sent prices reeling.
“Across Lloyds Bank, Bank of Scotland, Halifax and MBNA, we do not accept credit card transactions involving the purchase of cryptocurrencies,” a Lloyds Banking Group spokesperson told MarketWatch. “It’s a case of protecting our credit card customers from the risks associated with the price volatility of cryptocurrencies."
This announcement came not long after Bank of America and JP Morgan also announced that they were not going to allow cryptocurrency purchases on credit due to the risk of the market. Some also believe that this is the way that big banks are fighting back against their greatest competitor, bitcoin.
Many people who bought at the top of the market in December are probably feeling like they want to puke on their shoes right now. This however, is actually when you want to buy according to CNBC's Brian Kelley:
What do you think about this? Are you going to buy more now? Wait to see if it will go lower? Are you just going to "HODL"? Let us know in the comments!