After Bitcoin stats reveal the worst results since 2013, major US banks such as Citigroup, Bank of America and JP Morgan Chase have placed a ban on customers using credit cards to purchase bitcoin.

A spokesperson for J.P. Morgan Chase confirmed that the organisation is currently not administering any digital currency purchases using credit cards as a result of the associated risks. Cryptocurrency purchases made via credit cards are open to huge price instability. J.P. Morgan Chase revealed that would be reviewing the situation at a later date, however.

This latest news comes as the price of Bitcoin rose in 2017, only to dramatically drop at the beginning of 2018. Over the past 12 months, Bitcoin has risen over 700%, however, at the beginning of February, fell to below $8,000. Other digital currencies, also known as altcoins, have also experienced drops in 2018 and many have actually recorded sharper declines than Bitcoin. The media’s constant reports detailing that the Bitcoin bubble is bursting has also done little to soothe investor\'s fears.

Furthermore, whilst new investors may be worried about the current market, experienced traders are eager to invest in cryptocurrencies in what many believe is a huge discount. Banning credit card purchases could be viewed negatively by those who want to profit from what could be the lowest prices of the year.