Major U.S. banks have stopped authorizing payments with their cards to purchase Bitcoin online. This step is taken to decrease financial risks involved in buying cryptocurrency.
These banks are JPMorgan, Bank of America and Citigroup. Previously, Capital One and Discover had also declined support on cryptocurrency transactions.
JPMorgan enforced the ban on Saturday. According to company spokesman, they don't need credit risk involved with such transactions.
Bank of America started blocking credit card transactions with many crypto exchanges on Friday. Although this policy does not apply on debit cards.
Citigroup also announced on Friday that it will not allow Bitcoin purchases with their credit cards.
With these announcements of bans, Bitcoin may face price decline which are already at bottom since December 2017.
Bitcoin is currently trading at $8,300 after all time high at $20,000 in December.
What do you think? Will this ban affect Bitcoin price?