emfizz.com November 25, 2017

The summer of bitcoin ends badly

16 September 2017, 12:51 | Jan Cross

Bitcoin a 'fraud' that will 'blow up' according to JPMorgan Chase boss

Tough stand Dimon has warned that he will fire JPMorgan traders who traded in bitcoin ‘in a second. For two reasons It’s against our rules and they’re stupid. And both are dangerous.’ — AFP

In fact, leaked documents obtained by Reuters show that the Chinese government is ordering cryptocurrency exchanges to close. At time of writing, one Bitcoin is price at about $3,014, down 18.54 percent in the last 24 hours according to CoinMarketCap, and down almost 40 percent from its July all-time-high of $4,952.

The regulators' crackdown was sparked by fears that Chinese investors were speculatively piling into cryptocurrencies.

BTCChina, one of the biggest exchanges in China, announced on Thursday that it will close down its trading operations by September 30, while BitKan, a leading cryptocurrency trading app has already suspended over-the-counter trading on its app.

Meanwhile, following the news of the imminent closures on September 15, the price of Bitcoin fell below $3000, but later started recovering.

China's regulators plan to tighten the digital currency activities in China. However, according to Yicai, on September 13th, the China Internet Finance Association issued a risk warning, saying that all of the so-called " virtual currency" trading platform in China lacks a legal basis.

The selloff accelerated on Tuesday, after J.P. Morgan Chase CEO Jamie Dimon called the cryptocurrency a fraud that was "worse than the tulip bulbs" and that "won't end well".

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BTC China will immediately stop accepting new account registrations on its BTCChina Exchange, Chief Executive Bobby Lee said yesterday in a tweet.

The price of Bitcoin tumbled sharply following the BTCC announcement late on Thursday but has since regained some ground. The bank banned initial offerings of new digital currencies last week.

Did you find this article on Bitcoin price crash interesting? The contributions, which had grown with the increase of the other crypto-currencies including bitcoin, are barred and should stop with immediate effect, the People's Bank of China claimed to the media this week.

The shutdown only affects Chinese traders, leaving global exchange operations to continue as usual.

Bitcoin is a digital currency and is accepted the world over.

The announcement was viewed as one way for Beijing to get power over crypto-currencies, which are made using blockchain tech and are bought and sold online without any regulation of the government.

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