U.S. Stocks futures fell sharply on Friday’s session added to the huge drops seen in Wall Street last week. The Dow Jones industrial average futures pulled back by more than 200 points; the S&P 500 declined by 19 points and Nasdaq 100 lost 37.75 points.
The Major U.S. Stock indexes topped their worst weekly performance in two years on Friday following a steep sell-off. The Dow and S&P 500 shed 4.1 percent and 3.9 percent of their values respectively. The Nasdaq went down by 3.53 percent. Equities benefited from a strong economic data and solid corporate earnings growth at the start of the year. But the current rise in inflation had its negative effect on the stock market.
Most major U.S. banks which issue credit cards have banned their clients from using their cards to purchase Bitcoin of other digital currencies, in a move that hopes to minimize both financial and legal risk. Bank of America began blocking cryptocurrency purchases on Friday, and according to Bloomberg, JPMorgan did the same on Saturday.
Citigroup also stated that it was going to stop cryptocurrency purchases through credit. Capital One and Discover had already enacted their own bans, which means all of the top five credit card issuers have announced or implemented the ban.
In the long run, a tighter cryptocurrency investment control would seem likely to help mitigate the consequences of both hypes and scams. Bitcoin is now trading at around $8,500 from a December high of close to $20,000.