The cryptocurrency market has been taking a beating today, and the reasons for this have begun piling up. Late last week, J.P. Morgan Chase (NYSE:JPM), Citigroup (NYSE:C), and Bank of America (NYSE:BAC) announced they would be banning the buying of cryptocurrency using their credit cards. However, there have been hidden Visa and Mastercard fees introduced, and cardholders are only found out through their bank statements last week!

It turns out that both card companies decided to reclassify the way that cryptocurrencies are processed on their networks. The fees came without any warning to cardholders.

Currently, in the U.S, the fastest way to purchase cryptocurrency is to use your debit/credit cards on certain exchanges. Linking your exchange to your actual bank account has lower fees, but transactions can take days to process. Thus, many U.S investors have opted to use their cards for purchases due to how quickly crypto prices fluctuate in the market.