JPMorgan has declined to comment on suggestions that it pressured First National Bank, through parent FirstRand, to shut the bank accounts of South African cryptocurrency exchanges.
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Bitcoin sank nearly 10% to the lowest level in six months, extending last week’s slide past the weekend on concerns about a crackdown on cryptocurrency operations by China.
JPMorgan pressured First National Bank to close the accounts of cryptocurrency exchanges in South Africa, according to two separate sources. FNB has strongly denied that external pressure forced its hand.
Bitcoin’s sell-off deepened on Friday, putting the digital token at the lowest level since May, after it dropped below yet another key support level.
First National Bank provided more insight on Wednesday into why it has given notice to cryptocurrency trading platforms in South Africa that it will shut their bank accounts.
The largest cryptocurrency’s slide snowballed on Monday, with the price dropping as much as 5% to test the key $8 000 level, which it hasn’t breached since the end of October.
Bitcoin’s push back below $9 000 has a key technical indicator suggesting the cryptocurrency risks entering a selling trend.
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A Texas academic created a stir last year by alleging that bitcoin’s astronomical surge in 2017 was probably triggered by manipulation. He’s now doubling down with a striking new claim.