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The day before we saw Bitcoin price recovery in full swing after suffering a huge dip because of China’s ban on ICOs and rumours of ban on Chinese Bitcoin exchanges. Today, Bitcoin price took another serious hit, plunging the price to $3850, at the time of writing.
While there is no official response from People’s Bank of China (PBoC) on whether or not the country will ban Bitcoin exchanges, such reports have been confirmed by major media outlets and people ‘in the know’. If rumours are to be believed, China wants its citizens to convert their Bitcoin into a, yet to launch, ‘state-owned-coin’.
If this wasn’t enough, JPMorgan CEO, Jamie Dimon, in an interview today declared Bitcoin a ‘fraud’, which further plummeted Bitcoin’s price. It looks like we may see Bitcoin testing support level of $3600 if/when China does ban local Bitcoin exchanges. Let’s not forget Bitcoin has proven Dimon wrong in the past on several occasions.
Bitcoin is already down almost 10% in the past 24 hours. Other cryptocurrencies have also suffered massive losses – Ethereum 10%, Litecoin 8%, IOTA 18%. The entire cryptocurrency market has come down to $135 billion from $165 billion in just a few days. Bitcoin will likely continue to trade sideways with more weight towards downward trend while it waits for official news from China.
Top Stories from the Crypto World
1. J.P. Morgan CEO calls Bitcoin a ‘fraud’
“It’s worse than tulip bulbs. It won’t end well. Someone is going to get killed.” Dimon said.
He also said he’d fire a JPMorgan trader in a second who is found trading Bitcoin. “It’s against the rules, it’s stupid, it’s dangerous.”
In the wake of his speech, some observers, including Bloomberg, noted that bitcoin prices started to fall after Dimon’s remarks.
2. 200 Bitcoin ATMs to be expected in Argentina next month
Argentina is set to receive 200 ‘bi-directional’ Bitcoin ATMs next month in an initiative responding to the “world monetary order changing.”
CEO of organizer Odyssey Group Sebastian Ponceliz said there would be multiple benefits of the machines in a country where economic policy was an early driver of consumers towards Bitcoin.
3. North Korea is targetting South Korean Bitcoin exchanges
Bitcoin has caught North Korea’s attention. A report published by FireEye, a prominent cybersecurity firm said, hackers tied to the isolated nation have been involved in attacks on cryptocurrency exchanges in South Korea.
The claims come at a time when the communist nation’s relations with the international community have been particularly frosty. Yesterday, the UN Security Council imposed fresh sanctions against North Korea a week after it conducted its sixth and largest nuclear test to date.