Published: Wed, February 07, 2018
Markets | By Erika Turner

Ripple XRP Drops Over 80% From Its January Peak

Ripple XRP Drops Over 80% From Its January Peak

In the United Kingdom the Lloyds group (which includes Lloyds Bank, Bank of Scotland, Halifax and MBNA) and Virgin money have both blocked Bitcoin purchases via their credit cards, as have JP Morgan Chase, Bank of America, and Citigroup in the US. It joined US banking giants JPMorgan Chase & Co (JPM.N) and Citigroup (C.N) who announced similar bans on concerns the lenders could be held liable when the volatile currencies plunge in value.

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". This in spite of the tax department surveying and even reaching out to individual users of popular bitcoin exchanges.

The world's third-largest cryptocurrency, Ripple's XRP has fallen 80 percent from its peak of $3.32, that coin was trading at only $0.66 per token on Monday afternoon, Markets Insider reported. That marked a fall of more than half from a peak of nearly $20,000 (roughly Rs. 12.86 lakhs) hit in December. The fear of new regulations in Asian markets such as China is a contributing factor. As such, numerous bigger credit card companies are opting to proceed with caution, changing their rules as they learn more about the cryptocurrency market, its risk, and its volatility.

Virgin Money has also banned purchases of cryptocurrencies on its credit cards. And more fraud losses can spell a major headache and financial hit for credit card companies.

Weather: Snow expected to develop overnight
Clouds will increase tonight with low temperatures dropping into the 10s and 20s and winds diminishing. That'll be welcome news for fans hoping to take part in an epic celebration on Broad Street afterward.

Listing the headwinds for cryptocurrencies such as Bitcoin would simply take too long, so in this article I'll focus on only one: the permeable nature of cryptocurrency exchanges and the risks cyber-crime have on this sector. This is a far cry from the late 2017 value surge. On Friday, bitcoin fell below $8,000 for the first time since November 24. Bitcoin dropped to its lowest in more than two months.

Bitcoin Price: Bitcoin and other cryptocurrencies price fall randomly these days. "There's regulation speculation in India, South Korea, and the U.S. And then there's hacking, the Facebook situation and finally the Tether story has people anxious as well".

The US is likely to follow suit - on Tuesday, the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) testified before the Senate regarding digital currencies.

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