Lloyd's Banking Group will prohibit cryptocurrency purchases with credit cards

Several banks, including British Lloyd's Banking Group will block credit card users from purchasing Bitcoin
05 February 2018   535

Telegraph reports that British Lloyd's Banking Group will block any cryptocurrency-related operations with credit cards.

The Company's spokesperson further announces:

"Across Lloyds Bank, Bank of Scotland, Halifax and MBNA, we do not accept credit card transactions involving the purchase of cryptocurrencies"

The block will not affect debit cards, but credit card users won't be able to perform any transactions involving cryptocurrencies and Bitcoin in particular. Banks fear that people will increase their debts just to try for a quick profit in crypto-related field. And the Lloyd's Group is the first to officially announce that the don't want to finance the impending fallout.

According to the reports, last year thousands of Brits rushed to buy Bitcoin during the lengthy bull-run which sent prices skywards. Even the government made the report at that time to warn people of risks involved and to try and stop people from rushing headlong into the unknown. Now everything points to the events repeating themselves and banks can't sit idle.

Even across the Atlantic three major US banks take the same stance, trying to stop the upcoming tide. JP Morgan Chase & Co., Citigroup Inc. and Bank of America Corp. have take the similar stance and announced that they will or already are blocking cryptocurrency-related transactions made with credit cards. All of this can cause further price drop, because it just became a little more difficult for the common folk to enter the cryptomarket.

It's very likely that other banking institutions will follow the trend in the near future and cut off credit card users from Bitcoin purchases.

Mt. Gox Trustee Can Sell 2000 BTC Soon

Possible sale of such a large batch can lead to a further fall of the bitcoin price
26 April 2018   167

Head of the Board of Trustees of MtGox, Nobuaki Kobayashi, is probably preparing to sell a new batch of bitcoins, this time at a rate of 2,000 BTC.

This assumption was made by the bitcoin-investor and the head of the Altana Digital Currency Fund, Alistair Milne. In support of his words, he brought to Twitter a link to the trustee's MtGox address.

Alistair Milne Twitter
Alistair Milne Twitter

Apparently, on the morning of Thursday, April 26, from the address indicated, 2,000 were transferred to another address. Some of the funds that were there before (8,000 BTC) were almost immediately expended.

Possible simultaneous sale of such a large batch can lead to a further drawdown of the bitcoin price.

Bitcoin Price Chart
Bitcoin Price Chart

Trading on Wednesday evening at around $ 9,000, on the night of Thursday, the first crypto currency continued the decline started yesterday, dropping at a certain point to $ 8,650. At the time of publication, however, there has been a slight increase - according to Coinmarketcap, the weighted average bitcoine rate at that time is $ 8 790.