Bitcoin’s price managed to stand strongly against the punch from the authorities of China, who have banned ICOs, but another left hook from the head of JPMorgan Chase & Co., Jamie Dimon, who called cryptocurrencies a "fraud", has drawn Bitcoin down sharply.
Jamie Dimon, speaking at the Barclays financial conference in New York, was very aggressive towards Bitcoin and bank workers who are interested in cryptocurrency trades. He actually
said that he would immediately dismiss anyone in a bank for trading in bitcoin, calling it stupid and a dangerous thing to do.
"Honestly, I am just shocked that anyone can't see it for what it is."
Moreover, according to Jamie Dimon, cryptocurrencies like Bitcoin are primarily used by people from “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 US dollars.” That is why the cryptocurrency market is limited.
The bitcoin price fell almost 5.6% to $3,953. This is the first time since August 22 that Bitcoin has fallen below the level of $4,000.
The beginning of September was very successful for Bitcoin. The price managed to jump to a new all time maximum of $4,957 and even $5,000 on some exchanges on September 2. After corrections, the Bitcoin price was holding on a level between $4,800 and $4,900 for a couple of days.
The report of a ban on all ICOs in China on September 4 affected the prices of all popular cryptocurrencies, just like the information of a possible ban of cryptocurrency exchanges in China on September 8. Both these reports have drawn Bitcoin to $4,000, however, it succeeded in not falling lower. Until now.