Bitcoin (BTC) continues to struggle in a cryptocurrency market that has been rattled by a string of bad news.
While the original cryptocurrency managed to close above $9,000 on Saturday, it failed to maintain the positive momentum and lost nearly 10% in the following session. The coin’s troubles have deepened on Monday, with its price falling below $8,000 for the second time in four days. According to data from cryptocurrency tracker Coinmarketcap, the Bitcoin price is currently hovering around $7,800, having declined by more than 11% in the past 24 hours.
Recent reports that big banks are starting to decline credit card purchases of digital currencies have put extra pressure on the market. According to multiple reports in the media, Lloyds Banking Group (LON:LLOY) announced yesterday that it was banning its credit card customers from buying Bitcoin and other cryptocurrencies.
“Across Lloyds Bank, Bank of Scotland, Halifax and MBNA, we do not accept credit card transactions involving the purchase of cryptocurrencies,” said in an email, as quoted by Reuters.
An earlier report by Bloomberg suggested that major US lenders Bank of America, Citigroup and JPMorgan Chase were making similar moves, due to the credit risk associated with cryptocurrency transactions. Another concern is that thieves will abuse stolen credit cards to amass large cryptocurrency stashes.
In today’s trading, the Bitcoin price stood at $7,809.18, as of 11:02 GMT. The cryptocurrency has lost 11.8% of its value in the past 24 hours, according to Coinmarketcap.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.