BitCoin and other cryptocurrencies have had terrible starts to the year as stocks continue to dive. The recent slew of slumps came as numerous major banks announced that they would ban the use of their credit cards to buy BitCoin and other cryptocurrencies. These major banks include JPMorgan Chase, Citigroup, and Bank of America in the US and Lloyds Bank in the UK.
Amid the crisis, cryptocurrency trading continues to fall as its biggest markets China and South Korea have issued restrictions on trades.
With market worries of increasingly tighter regulations on cryptocurrencies, the market share of BitCoin has shown a $100 billion drop wherein it has dropped to $7000 in value, as opposed to almost $20,000 per coin in 2017.
Banks are seeking to limit financial risks with their banning of cryptocurrency purchases using their credit cards. However, experts maintain that the dip in the values of cryptocurrencies are only short-term and will more than likely double to $20,000 by the middle of the year and would rise to $25,000 by the end of the year.