The rate of Bitcoin during the trading session on September 15 fell to $3,050, thus losing 40% in two weeks.
As the streaming chart of the BitStamp exchange shows, Bitcoin currently trades in the range of 3.06-3.077 thousand dollars for a coin.
On August 1, Bitcoin was divided into two separate currencies - Bitcoin (Original) and Bitcoin Cash - because the developers of the cryptocurrency could not resolve software disagreements.
Earlier, it was reported that the head of JP Morgan said that Bitcoin was a fraud that would burst.
The Financial Times and Bloomberg reported that Jamie Dimon, CEO of JP Morgan Chase, has criticized Bitcoin, calling it a "fraud."
Dimon has declared that he would fire any of the bank’s traders who deal with Bitcoin.
During a Barclays conference in New York, Dimon commented about JP Morgan traders who trade in Bitcoin: “I’d fire them in a second. For two reasons: It’s against our rules, and they’re stupid. And both are dangerous.”
Also, Dimon noted that he was shocked by the danger of bitcoin and that no one noticed it.
According to him, the greatest argument about Bitcoin is that it may be helpful for individuals in places with few alternatives – so long as the supply of coins doesn’t surge.
“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,” Dimon said. “So there may be a market for that, but it’d be a limited market.”
The newspaper recalled that the cost of one bitcoin reached $ 4.2 thousand, although as early as 2015, one bitcoin bought $250. Dimon has underlined, that its value can grow by more times, but it would eventually burst.
Also, Bitcoin sharply lost in price after the news that China has banned initial coin offerings (ICOs). Restrictions on ICOs for local companies in China have adversely affected the cost of the first cryptocurrency.
Bitcoin is the primary currency for entering the crypto market. The restriction on the conduct of ICOs reduces the demand for Bitcoins and pushes the quotations down.