J.P. Morgan Chase, Bank of America and Citigroup said Friday they are no longer allowing customers to buy cryptocurrencies using credit cards.
“At this time, we are not processing cryptocurrency purchases using credit cards, due to the volatility and risk involved,” a J.P. Morgan Chase spokesperson said in a statement to CNBC.
“We will review the issue as the market evolves.” The news came as bitcoin has more than halved in value from an all-time high above $19,000 hit in mid-December.
The high-flying digital currency had rallied 2,000 percent in just 12 months to reach that record. But bitcoin has tumbled in the last few weeks, briefly falling below $8,000 Friday for the first time since late November.
Other cryptocurrencies have also fallen in the last few weeks after soaring, sometimes even far more than bitcoin, last year. A Bank of America spokesperson also said in an email that the bank has decided to decline credit card purchases of cryptocurrencies. Read more from cnbc.com…
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