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Bitcoin declined by over 10 percent as investors shed the cryptocurrency following a warning by JPMorgan CEO Jamie Dimon that the digital currency was a “fraud” and in the long run will “blow up”.
The cryptocurrency fell as low as $3.720.01 on Bitstamp exchange. It reversed some of its losses, trading close to $3, 819 later in the day, still down 8.7 percent.
The biggest cryptocurrency in circulation has been on a streak in recent months, reaching a record high just below $5, 000 at the beginning of September following its exponential increase in price since the beginning of the year.
However, bitcoin and other cryptocurrencies have been declining since early last week, when China illegalized the issuance of new digital coins for fundraising events or initial coin offerings or ICOs.
ICOs have powered an accelerated rise in the value of all cryptocurrencies. From around $17 billion at the beginning of the year, with bitcoin representing around 90 percent of the total value, to a record high close to $180 billion at the start of September, of which bitcoin represented 50 percent.
After China's ICO ban, the market was further spooked by reports which said that Chinese regulators were looking to restrict any trading of cryptocurrencies and by a warning on ICOs from UK's financial watchdog, raising worries of a wider clampdown on the market.
