Legacy Bitcoin Plunging On China Fears, Dimon Remarksbr>
Legacy bitcoin (BTC) plunged below $4,000 on Wednesday morning, as the market continued to be spooked by ongoing China developments and remarks by JP Morgan Chase CEO Jamie Dimon.
BTC was at the $3,800 level for single-coin pricing as of noon ET, a drop of close to 9 percent. It had gone as low as $3,700. That represented a shave of more than $15 billion from its all-time market cap high of $82 billon on September 2.
The market has been bothered by recent upheavals in China, where a consortium of regulators that included the People’s Bank of China, the central bank, instituted a ban on initial coin offerings. That was followed by reports that cryptocurrency exchanges in the country would also be closed, although nothing official has been announced.
Wary investors may also be looking at South Korea, where a similar consortium is meeting, and recent remarks from senior government officials in Russia and India that indicate dissatisfaction with cryptocurrencies.