If you thought that January was a tough month for the crypto market then you must get ready for the February. In the first two days of February cryptocurrency plunged down like never before. It seems like cryptocurrency is about to burst and investors should bring out all their amount from the market as soon as possible. It was nearly impossible to predict in December that cryptocurrency is going to be traded at the value of $9000 or below. In the January you can say that bitcoin tried to stay above $11,000 but as soon as February came bitcoin lost all its power.
Coinbase has started to payout advance cash amount which may result in more fees. Coinbase said that on Thursday people were recording their concerns regarding cryptocurrency on their platform. These few past months are no less than a nightmare for the investors who were actively participating in it. Coinbase has released statement recently
“Recently, the MCC code for digital currency purchases was changed by a number of the major credit card networks. The new code will allow banks and card issuers to charge additional ‘cash advance’ fees. These fees aren’t charged or collected by Coinbase. These additional fees will show up as a separate line item on your card statement.”
One Finance Corp has already banned its customers from buying bitcoin through their credit or debit card. The reason behind this restriction was to provide relief to the bank. Banks are trying to get into the monitoring system where they can stop fraud, scam and other illegal activities happening through cryptocurrency.
Another reason why cryptocurrency is going down because marketing is not that strong at this moment due to the ban on ads at social media. Social media platforms including Facebook has announced to ban ICO and crypto ads to keep their user’s privacy promising.