Bitcoin’s Bloodbath and Nightmare Continued

Bitcoin continued its relentless decline on Monday to a new 2-month low of $7,200.

Fundamentally, the negative sentiment continued to worsen.

  1. India is considering whether to ban on the cryptocurrencies.   
  2. Bitfinex was accused to have used Tether to manipulate the Bitcoin prices.  
  3. South Korea implemented new rules to ban any anonymous trading account of the cryptocurrencies and imposed a 24%+ taxe on the exchanges.
  4. Facebook said on Tuesday that it was banning ads that promoted cryptocurrencies.
  5. Microsoft and Stripe have decided not to provide a payment platform for Bitcoin because of the rising transaction costs and huge price volatility.
  6. Discover, Bank of America, Citi, etc. have banned using their credit cards to buy any cryptocurrency.  

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