Bitcoin Plunges Below $8000 As Credit Cards Ban Purchases

07 February, 2018, 01:31 | Author: Darnell Patrick
  • India to set up cryptocurrency regulation panel

Bitcoin surged in value during in 2017, starting the year at around $900 and topping $20,000 in December. Here's the latest price action and news from the cryptocurrency world.

"In truth these events are nothing more than a further sign that the Bitcoin market, and cryptocurrencies in general, are maturing; in other words, business as usual and much ado about nothing". Many institutions have realised Bitcoin has generated significant attention because many customers have charged their purchases.

Here's a look at the 10 largest cryptocurrencies by market capitalization, and how much each has changed over the past 24 hours.

In effect, we are seeing the first example of a digital currency being utilised as a de facto fiat currency.

Ripple has dropped by nearly 14% over the course of the first day of February, and many are wondering if the end of cryptocurrency could be in sight, or if this could just be the beginning. One of the pieces of news that affected the market in a vast way was the announcement by Facebook surrounding the banning of cryptocurrency related ads.

Credit card companies are always anxious about the impact of spending on their business, and this cryptocurrency public feeding frenzy is no exception. Investors can then use their newly-acquired Bitcoin or Ethereum to buy Ripple using one of the exchanges listed above. Most other cryptocurrencies are in the same boat.

Now that we know all of today's price movements, here's what has been moving these cryptocurrencies... After a major drop, stocks are rising pretty much across the board on no substantial positive news. However, the country's cryptocurrency and blockchain industry is booming, according to statistics collected by Indeed, a popular job portal. The bitcoin price has not been below $8,000 since November 2017.

According to CryptoCompare, "Ripple positions itself as a complement to, rather than a competitor with, Bitcoin - the site has a page dedicated to Ripple for bitcoiners".

"Maybe I'm too old for them, but I wouldn't touch that stuff", Icahn said.

Icahn questioned how they worked and how they should be regulated before stating that he "wouldn't touch that stuff".

Icahn's warning comes on the heels of JPMorgan Chase CEO Jamie Dimon's now famous comment that bitcoin is a "fraud", and Warren Buffett's perspective that the cryptocurrency craze won't end well.

The Bitcoin market still remains unpredictable since there is no a central governing body.

The gains came amid a USA senate hearing on virtual currencies in which J. Christopher Giancarlo, chairman of the Commodity Futures Trading Commission (CFTC) and Jay Clayton, chairman at the Securities and Exchange Commission (SEC) have been testifying.

The major reasons for that fall are several.



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