[2017-09-13] Bitcoin drops 8% after JPMorgan's Jamie Dimon calls it a fraud

[rabeh boukhnona]

Bitcoin fell below $4,000 on Wednesday with negative comments from a major business leader about the cryptocurrency and the threat of a regulatory crackdown, unnerving investors.

The digital currency dropped as low as $3,766.36 on Wednesday and traded down 8.7 percent at $3,792.43 as of 11:03 a.m. in New York, according to data from industry website CoinDesk.

The move lower came a day after JPMorgan Chase CEO Jamie Dimon called the cryptocurrency a "fraud," adding that "Someone is going to get killed."

"It's worse than tulip bulbs. It won't end well. Someone is going to get killed," Dimon said at a banking industry conference organized by Barclays. "Currencies have legal support. It will blow up."

https://www.cnbc.com/video/2017/09/13/heres-what-traders-made-of-jamie-dimons-bitcoin-comments.html

At its lowest point on Wednesday, bitcoin was nearly $1,250 off the all-time high of 5,013.91 hit on Sept. 2. Bitcoin's total market capitalization or value has fallen by more than $15.5 billion in this time, from $82.28 billion on Sept. 2 to $66.74 billion on Wednesday, according to CoinMarketCap data.

Investors have also been jittery in the past few days mainly because of numerous media reports suggesting that Chinese authorities are looking to shut down some bitcoin exchanges. These are platforms where bitcoin is traded.

Another report by news outlet Caixin earlier this month said Chinese authorities were looking to ban projects that looked to raise money through cryptocurrencies. These so-called initial coin offerings have exploded in recent months.

It's not just Chinese regulators taking a closer look at bitcoin. On Wednesday, India's central bank said it had been looking into cryptocurrencies as legal tender. However, Sudarshan Sen, an executive director at the Reserve Bank of India, said the institution was "not comfortable" with non-fiat cryptocurrencies, in comments reported by Reuters.

source: https://www.cnbc.com/2017/09/13/bitcoin-price-falls-on-worries-about-china-exchange-crackdown.html

[Slow death]

On Wednesday, India's central bank said it had been looking into cryptocurrencies as legal tender. However, Sudarshan Sen, an executive director at the Reserve Bank of India, said the institution was "not comfortable" with non-fiat cryptocurrencies, in comments reported by Reuters.

I can not understand these leaders of India, many scammers come from India, no offense but true, why they simply do not create laws for people to use bitcoin comfortably, this is more advantageous for everyone.

on the subject, I will not comment, is one more person with your opinion

[cr1776]

On Wednesday, India's central bank said it had been looking into cryptocurrencies as legal tender. However, Sudarshan Sen, an executive director at the Reserve Bank of India, said the institution was "not comfortable" with non-fiat cryptocurrencies, in comments reported by Reuters.

I can not understand these leaders of India, many scammers come from India, no offense but true, why they simply do not create laws for people to use bitcoin comfortably, this is more advantageous for everyone.

on the subject, I will not comment, is one more person with your opinion

The same reason the leaders in India banned "large" notes - that is US $5 and $10 (!!!) equivalent:  they want to control the people in India and people using bitcoin undermines their own power. They don't care about their people or freedom, just themselves and their grip on the reins of power.  It is sad.

[FrueGreads]

I understand why JPMorgan is so afraid of bitcoin. I mean, if we compare the profits from the crypto market, and the profits from banks or other financial investments we can see that there is a huge difference between them. I'm sure he is getting a lot of pressure from the people that puts their money into hedge funds or investment banks, that are starting to wonder why their returns are not that good anymore, specially when there seems to be great opportunities in the crypto market. So I guess this was his way of trying to deal with that, but I don't think he will win this fight.

[nickbelski]

I am agreed with a suggestion, that what Jamie Dimon doing now is buying a lot of Bitcoin and altcoins at dumped price. It`s not problem for him to affect the prices of cryptocurrencies, using his reputation and assets. He and his staff soon will purchase a lot of digital money when BTC will be at floor. It's how the rich get richer.