The popular worldwide cryptocurrency Bitcoin recorded a fall by more than 10% as a lot of its investors traded their currency following a cautionary advice by Jamie Dimon the CEO of multinational banking and financial service holding company, JP Morgan that the cryptocurrency is illegal and will eventually crash.
The bitcoin-US dollar conversion rate tumbled below $4,000 over the weekend, before regaining value to close at a low $3,781 in comparison to its record breaking $5000 value earlier this month.
More Battle For Cryptocurrency
Not that alone, the self-operating organization, National Internet Finance Association of China (NIFA) released a statement earlier today criticizing cryptocurrencies, pointing it out as a mode for carrying out fraudulent activities with claims that the Bitcoin trades have no legitimate and lawful backing to be used within the country and issued a stern message to individuals and agencies making use of it.
This examination has raised panic of an even more significant meltdown and devaluation of the cryptocurrency as time goes on. Despite all this speculation, Bitcoin has regained bid and increased to $4350 – $4380 earlier this week and the Chinese government has made no reaction to this development.
Specialists expelled the possibility that an exchange embargo would have a negative effect on bitcoin as easy and direct transaction trades will continue to grow.