JPMorgan Chase UK Bank will block crypto payments

Hello Steemians

I hope you are doing well.

This is not good news for the users in the UK because one of the banks is going to ban crypto transactions soon, which has been announced already, so we can expect to get implemented shortly. This bank is JP Morgan Chase and the bank has taken this action to avoid scams and frauds. They are saying that in the crypto market, there is a lot of copy but I think it is everywhere and even if you are talking about the currency then also we get to know a lot of fraud incidents.

This is negative news for the crypto market because a bank that is well well-known name is trying to ban crypto can discourage many investors from entering the market. But this is how it is and we cannot do anything but what we can do is that we try to keep our funds safe and do not fall in the trap of scammers or fraudsters.

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There are indeed so many professors and scammers around who try to steal our funds through various ways. Surprisingly the fact is that they spend a lot of time to get this done but if they can invest the same amount of time to do something productive then probably they can earn much more than what they earn through these bad practices.

As far as this bank is concerned I believe they might reconsider when the market turns into a better situation but till that time we have to deal with this because the bank has already decided. Market sentiments are very important in Crypto so when things are on the positive side most of the players try to get the benefit of the situation but when things are on the negative side they try to go away.

We expect that the next market cycle would be starting from the next year after Bitcoin halving but there is no surety so be ready to stay here for the long term. We also need to prepare ourselves to deal with such news updates that can be negative for the market because this is not the last time and we have seen a lot of such news updates in the past.

Thank you