Back at $3500: Has Bitcoin's Price Found a Short-Term Bottom?

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

BTCC a major Chinese cryptocurrency exchange announced it would cease trading at the end of this month.

The price of #Bitcoin has traded below the $3,000 mark today from highs of $4,937 on #September 2 this year. BTC China has also stopped registering new users, it said in a statement posted on social media. As for exchanges' prices, Bitcoin is trading at about $2904.64 on OkCoin, $2887.97 - on Huobi, and $2908.37 - on BTCC at press time.

Adding to bitcoin's woes this week was a warning by Jamie Dimon, chief executive of JPMorgan, that the cryptocurrency was a "fraud" and was set to "blow up" - comments that helped fuel a slide of as much as 11 percent in bitcoin on Wednesday.

The Chinese government's clampdown on cryptocurrencies has not only sent bitcoin tumbling, it is also hitting the shares of related companies.

"If you were in Venezuela or Ecuador or North Korea or a bunch of parts like that, or if you were a drug dealer, a murderer, stuff like that, you are better off doing it in Bitcoin than U.S. dollars", he said, according to The Guardian.

A number of China's top bitcoin exchanges are preparing to suspend their services following instructions from the government. 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. It is certainly possible other Chinese Bitcoin exchanges will make similar announcements in the coming days, but for now, nothing has been confirmed.

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Those exchanges being too big to shut down RMB immediately anticipating a queue of CNY withdrawals were in consideration when the policy instructed to officially stop RMB business by October 31st.

China accounts for 23 percent of all Bitcoin trades and houses some of the most successful Bitcoin miners.

He said there should be a distinction between digital currencies, which were being studied and developed by authorities such as the Chinese central bank, and digital tokens such as bitcoin.

Interest in China in bitcoin surged a year ago after the price rose.

Exchanges were also told to stop allowing new user registrations as of Friday, according to a government notice signed by the Beijing city group in charge of overseeing internet finance risks that was circulated online and verified by a government source to Reuters.

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