Bitcoin Price Bounces Back After China Orders Exchanges To CloseSeptember 15, 2017 4:47 pm
Bitcoin surged almost 10 percent on Friday after losing a third of its value earlier this week after Chinese regulators banned fundraising through initial coin offerings, according to CNBC.
The cryptocurrency fell as low as $2,951.15, its lowest level since early August, before bouncing back but still lost 17.5 percent of its value.
The tumultuous week for the cryptocurrency had it at its lowest level since early August on Friday before it rebounded and traded at $3,524.22 in New York.
Even with the massive drop, bitcoin was still up around 200 percent for the year, by comparison, the S&P 500 is up 11.5 percent in 2017.
Investors have been scrambling since the Chinese authorities began coming after the cryptocurrency by first banning fundraising through ICOs and this week announcing plans to shut down bitcoin exchanges in China.
BTC China, one of the biggest exchanges in the country, said it will stop all trading by Sept. 30.
JPMorgan CEO Jamie Dimon also came after the cryptocurrency this week, calling bitcoin a “fraud” and that the idea “won’t end well. Someone is going to get killed.”
–WN.com, Maureen Foody