Bitcoin, back in the limelight after social media giant Facebook this week announced it’s creating its own cryptocurrency and payments network, has hit a fresh year-to-date high and is edging closer to the psychological $10,000 per bitcoin mark.
The bitcoin price recorded a high of $9,600 per bitcoin on the Luxembourg-based Bitstamp exchange, up almost 5% over the last 24 hour trading period and a staggering 160% since the beginning of 2019.
The latest bitcoin rally has been put down to a number of different factors, with surging media and mainstream interest in bitcoin as a result of Facebook’s Libra cryptocurrency announcement the most recent.
Add Wells Fargo to the ever-growing list of banks that are banning Cryptocurrency purchases on its credit cards.
As of press time Citigroup Inc., JPMorgan Chase & Co. and Bank of America Corp have all prohibited purchases via credit card. According to Bloomberg, lenders are worried they’d be left on the hook if a borrower lost money on a digital currency bet and couldn’t repay, they also cited market volatility and credit risks.