Bitcoin Plunges Below $8000 As Credit Cards Ban Purchases

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. The decline of bitcoin seems to be continuing unabated, since mid-December, this week dipping below $6,000, a figure which financial analysts have not reported since November.

The biggest sell-off in cryptocurrency market history has wiped out around $550 billion since January 7, when the market capitalization reached a record $836 billion.

The global value of Bitcoin and other cryptocurrencies have this year amid fears of a crackdown in Asia and concerns that many currencies’ rapid rise in value last year could reflect a bubble.

In America’s senate, the lawmakers on Tuesday are set to probe as to how the regulators can prevent investors from currency fluctuations and loss.

To make matters worse, China has announced that it will block websites that offer digital currency trading and initial coin offerings (ICO) using the “Great Fire Wall”.

Here, in the United Kingdom, a new clampdown is afoot led by banks and credit card firms. The country has managed to put several rules on how bitcoin and the rest of the cryptocurrency world can be traded within the country.

The company stated that the ads that were being posted on the site were little more than scams and frauds.

Customers will still be able to buy digital currencies with debit cards, it said. This is a far cry from the late 2017 value surge. It started that year off at just around $1,000 per bitcoin. That increased profit was stoking the fire for people’s fascination with cryptocurrency.

World’s most popular cryptocurrency Bitcoin crashed more than 15% on Monday to slump to nearly three month low.

Bitcoin has slumped in recent sessions as a risk-off mood spread across financial markets. That’s happened in the US with a Dallas-based firm rolling out a large coin offering. According to Stephen Innes, who is the head of trading for Asia Pacific at Oanda: “The main reason for the move to regulate these crypto’s is because governments do not have confidence in them”. South Korea has been examining closely whether it should enact a ban on cryptocurrency altogether as a solution to the problem.