(Jemima Kelly – Reuters)
Bitcoin slid by more than 10 per cent on Wednesday, as investors sold the cryptocurrency after a warning by JPMorgan Chief Executive Jamie Dimon that it “is a fraud” and will eventually “blow up.”
Bitcoin, the original and still the biggest cryptocurrency, has been on a tear in recent months, hitting a record high just below $5,000 at the start of September after a more than fivefold increase in price since the start of the year.
But bitcoin and other cryptocurrencies have been falling since early last week, when China banned the issuance of new digital coins for fundraising purposes – a phenomenon known as initial coin offerings, or ICOs. Click here to read more.