Published On: Wed, Sep 13th, 2017

Bitcoin price update LIVE: Bitcoin slammed as ‘fraud’ – Price FALLS | City & Business | Finance

JPMorgan Chase CEO Jamie Dimon said he would fire in anyone trading bitcoin because it was against their rules and ‘stupid’. 

“It’s worse than tulip bulbs. It won’t end well. Someone is going to get killed,” he told a banking industry conference yesterday. 

“Currencies have legal support. It will blow up.”

The latest bitcoin price chart show that the cryptocurrency has fallen back below $4,000 after the explosive criticism of bitcoin. 

Bitcoin has fallen $1,000 since the start of the month amid speculation the Chinese government is launching a crackdown on exchanges.

There are mounting fears of a bubble after Bitcoin soared from less $1,000 at the start of the year to an all-time of $5,000 two weeks ago. 

Here are live updates on bitcoin news, the latest price and graphs. 

5pm BST: Bitcoin hits low of $3,766 today

Bitcoin opened at $4,148.27. Today’s high is $4,152.07 and today’s low is $3,766.36.  

4.25pm BST: Bitcoin fall in price could be ‘technical pull back’ 

CoinDesk said: “Most investment banks have been and still call bitcoin a ‘scam’. Every week, we see some stock market expert drawing parallels between the bitcoin rally and stock market bubbles seen over the last 100 years. 

“Thus, despite the 416% year-to-date gains in bitcoin, it is safe to say that there are no signs of Euphoria.

“In fact, the first sign of bitcoin nearing a major top would be investment banks boarding the cryptocurrency freight train.

“More likely then is that what we’re seeing now is a technical pull back. Following a stupendous rally, investors are looking for reasons to take profit.”

2.47pm BST: Jamie Dimon’s attack dismissed as ‘naive’

Chris Skinner, global ambassador for London-based fintech trade body Innovate Finance, has dismissed Jamie Dimon’s attack on bitcoin as “naive”.

Mr Skinner told Financial News: “The banking industry has gone through the fear, denial and grief of bitcoin. It has died a thousand deaths, according to experts, and yet it still keeps going.

“The reason is that we need a cryptocurrency that can operate globally in the digital age. That currency may or may not be bitcoin, but to decry it as something just for criminals is naive.”

1.15pm: Blockchain researcher says history has proven Dimon wrong 

CFA blockchain researcher Noelle Acheson tweeted: “History has already proven him wrong on so many counts…”

1pm BST: Analyst says bitcoin ‘here to stay’ despite Jamie Dimon’s criticism  

Naeem Aslam, chief market analyst at Think Markets UK, said: “The digital currency is here to stay and under a more regulated environment, its volatility would ease off. 

“Moreover, this is not the first time that Jamie Dimon has spoken against the currency, the last time he had a similar go on the currency was in November 2015. 

“Since then, the currency has had a remarkable run.” 

12.44am BST: Economist warns bitcoin should be worth ‘half what it is’

Economist Mohamed El-Erian said: “The current pricing assume massive adoption, and I don’t think governments will allow the amount of adoption that’s currently priced in.” 

Asked what would be a reasonable price for bitcoin, Allianz’s chief economic advisor told CNBC: “I would say at least half of what it is, a third of what it is.”

12.26am: Bitcoin community hits back at Jamie Dimon’s criticism 

Charles Hayter, the CEO and cofounder of CryptoCompare, told Business Insider: “Jamie Dimon doesn’t have the strongest track record when it comes to looking over the hill and generally you can’t teach old dog new tricks,” 

He added: “Naturally, his comments have generated ire from the crypto community as they have jumped to the defence of their project and beliefs.”

Noon BST: North Korea ‘hacks bitcoin exchanges’ as sanctions bite

North Korea has targeted at least three bitcoin exchanges in a bid to steal the cryptocurrency as the sanctions hit home, security experts have said.

Luke McNamara, a senior analyst with FireEye, also said the bitcoin hacking came after the tightening of sanctions on North Korea’s economy.

He said: “You also have cryptocurrencies appreciating significantly since the beginning of the year. So you see cryptocurrency exchanges, particularly in South Korea, becoming a logical target.”

11am BST: Bitcoin falls back after modest recovery ends

CoinDesk said: “After mounting a modest recovery in the wake of rumored regulatory scrutiny, the price of bitcoin is back below $4,000.

“The average price of bitcoin across global exchanges fell below $4,000 at roughly 3.15 UTC today, hitting a low not observed since September 10.”

10am BST: China’s shutdown of exchanges takes ‘wind out of bitcoin’ 

Naeem Aslam, chief market analyst at Think Markets UK, said: “China’s plan to shut down the domestic Bitcoin exchanges has taken a lot of wind out of Bitcoin. 

“The PBOC has prepared a draft which would ban the Chinese platforms from offering Bitcoin trading- a serious blow for Bitcoin. 

“Remember the Asia region has massively influenced the demand for Bitcoin.” 

9.30am BST: Australia cracks down on criminals using bitcoin 

Australia recently cracked down on the criminal use of the cryptocurrency and beefed up the Anti-Money Laundering And Counter Terrorism Financing Act.

Minister for Justice Michael Keenan said: “The threat of serious financial crime is constantly evolving, as new technologies emerge and criminals seek to nefariously exploit them.”

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