It is a particularly hard time for all those who bought bitcoin or any other cryptocurrency on credit. People rushed to buy bitcoin when it was soaring, being confident that the trend would be persistent. However, now they are terrified to watch what is happening now. Cryptocurrencies are tumbling, and bitcoin is leading the pack as always. The deepest fall on record was driven by the announcements of China’s government and concerns over safety of the cryptocurrency market.
So, China is set to block access to all websites related to trading cryptocurrencies and ICO, both domestic and international. As for undermined safety, North Korea was reported to make an attempt to hack South Korean exchanges. As Yonhap News has it, the DPRK has already managed to steal tens of millions of won in cryptocurrencies. When it rains, it pours. Three largest banks, JPMorgan, Bank of America, and Citigroup, announced they are no longer allowing clients to buy cryptocurrencies using credit cards. "At this time, we are not processing cryptocurrency purchases using credit cards, due to the volatility and risk involved," a J.P. Morgan Chase spokesperson said.
Amid such an adverse background, optimists look outstanding. John McAfee, a maverick programmer and businessman, has no doubt that the recent swings in cryptocurrencies are not worth attention, such fluctuations in bitcoin price will occur 2-3 times a year. He said, “Look at bitcoin's history. The more severe the dip, the more extreme the bounce. This has happened dozens of times in the past. But look at bitcoin's year over year performance.” Moreover, John McAfee added that today bitcoin costs more than three months ago.
