Lloyds Banking Group has banned credit card customers from buying Bitcoin and other cryptocurrencies over debt concerns
Over the weekend, we had similar news from the Bank of America and JP Morgan on the matter. And in the UK now we're seeing that Llyods (which includes Halifax, MBNA, and the Bank of Scotland) is taking similar steps.
The report cites a spokeswoman for the banking group, who said "across Lloyds Bank, Bank of Scotland, Halifax and MBNA, we do not accept credit card transactions involving the purchase of cryptocurrencies".
As for reasons for doing so, the report mentions that Lloyds fear that customers could be left in debt as the value of cryptocurrencies deflate.
Bitcoin has plunged more than 40% on the year, and is spreading fear across the cryptocurrency market as altcoins are also taking a hit in 2018. Currently, Bitcoin has rebounded a little off the lows, finding support at the 200-day MA:
But near-term sentiment remains bearish as buyers are still struggling to find a way past the 100 and 200-hour MAs as Greg pointed out here.
