Ripple's XRP, the world's third-largest cryptocurrency, is down 80% from its all-time high of $3.32, trading at just $0.66 per token Monday afternoon, according to Markets Insider data.
India is planning steps to ensure cryptocurrencies are illegal within its payments system, while at the same time appointing a regulator to oversee unregulated exchanges that trade in "crypto assets", a finance ministry official said. The total market capitalization of the crypto market declined by more than $70 billion over the last 24-hours.
"Across Lloyds Bank, Bank of Scotland, Halifax and MBNA, we do not accept credit card transactions involving the purchase of cryptocurrencies", Lloyds Banking said in the statement obtained by Fortune.
Lloyds Banking Group Plc, which issues just over a quarter of all credit cards in Britain, and Virgin Money on February 5 said they would ban credit card customers from buying cryptocurrencies, following the lead of US banking giants JP Morgan Chase Co and Citigroup.
Over the past few days, U.S. lenders Bank of American, Citigroup and JPMorgan each introduced the same ban. "It'll make it very hard for new comers to get into digital currencies".
I can't see anything that will break this chain of bad news and awful price drops for the cryptocurrency market.
Reports from China say the authorities will increase efforts to restrict virtual currency trading platforms, especially those that may have moved overseas following Beijing's ban on initial coin offerings in September.