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BTCChina announced the plans yesterday as regulators crack down on the nascent cryptocurrency sector in a bid to stamp out potential financial risks. “We will stop all trades on the digital trading platform starting Sept 30,” said BTCChina, one China’s largest bitcoin trading platforms. Bitcoin has fallen $1,000 since the start of the month amid speculation the Chinese government is launching a crackdown on exchanges. The latest drop in price comes just days after JPMorgan Chase CEO Jamie Dimon slammed bitcoin as a ‘fraud’ that will ultimately blow up. "It's worse than tulip bulbs. It won't end well. Someone is going to get killed," he said, referring to the tulip mania crash in the 1600s. "Currencies have legal support. It will blow up." The latest bitcoin price chart show that the cryptocurrency has fell nearly as low as $3,000 earlier today. There are mounting fears of a bubble after bitcoin soared from less $1,000 at the start of the year to an all-time of $5,000 two weeks ago. Here are live updates on bitcoin news, the latest price and graphs.

9am BST: Bitcoin drops nearly as low as $3,000. Bitcoin opened at $3,226.41 today. Today's high is $3,458.79 and today's low is $3,070.59. Midnight BST: Bitcoin hits low of $3,209.44 on Thursday On Thursday, bitcoin opened at $3,874.26 and closed at $3,226.41. Thursday’s high was $3,923.98 and its low was $3,209.44. 2.15pm BST: Trading to continue on the BTCC international exchange BTCC co-founder, Bobby Lee, told Reuters the end to trading would not affect trading on the BTCC international exchange, however. 2pm: BTCChina stops trading due to directive from Chinese authorities BTCChina said it decision decided to stop trading due to a Sept 4 directive from Chinese authorities that expressed concern over investment risks involved in cryptocurrencies and which ordered a ban on initial coin offerings. Reuters and other media had reported this week, citing sources, that China planned to further ban exchanges that allowed virtual currency trading but the regulator has yet to make an announcement. 12.05pm: BTCChina announces it will stop trading BTCC tweeted: “After carefully considering the announcement published by Chinese regulators on 09/04, BTCChina Exchange will stop all trading on 09/30. "BTCC products, including BTCC Pool, are not affected by this change. Please contact us at support@btcc.com if you have any questions. 10am BST: 'Grain of truth' in Dimon's attack on bitcoin Perry Woodin, CEO of Node 40, a blockchain governance company, has said there is a ‘grain of truth’ in Jamie Dimon’s attack on Bitcoin. He said: “Dimon says that bitcoin is a fraud because all of the value is being driven by speculation and not utility. “There is a grain of truth to that. “Bitcoin has not yet seen wide adoption for day-to-day transactions, but the number of transactions occurring across the globe has been rising, particularly in 2017.” 6.04am BST: John McAfee hits back at Dimon's Bitcoin criticism John McAfee, of MGT Capital Investments, has challenged Jamie Dimon's claim that the cryptocurrency was a 'fraud'. Mr McAfee said: "You called Bitcoin a fraud. I'm a bitcoin miner. We create bitcoins. It costs over $1,000 per coin to create a bitcoin. “What does it cost to create a US dollar? Which one is the fraud? Because it costs whatever the paper costs, but it costs me and other miners over $1,000 per coin. “It's called proof of work."

CoinDesk Bitcoin price update LIVE: Latest bitcoin price chart

Midnight BST: Wednesday's low was $3,766.36 On Wednesday September 13, Bitcoin opened at $4,148.27 and closed at $3,874.26. The day’s high was $4,152.07 and the low was $3,766.36. 9.25pm BST: 'Parallels to pyramid schemes' Marko Kolanovic, JPMorgan Chase’s global head of quantitative and derivatives, has joined his boss in slamming the cryptocurrency. In a client note, he wrote: "Cryptocurrencies cannot be reliably valued and they have significant ‘tail risk’ that could come in the form of a regulatory ban. ”Moreover, the whole cryptocurrency market exhibits some parallels to fraudulent pyramid schemes.”

CoinDesk Bitcoin price update LIVE: Latest bitcoin price chart

8.25pm BST: Jamie Dimon's comments are 'tipping point' After Dimon's warning triggered a 11 per cent collapse in the price of the currency, his comments were described as a “tipping point”. The cryptocurrency tumbled to as low as $3,720.01 on the Bitstamp exchange before recovering to trade around $3,810 by 3.24pm BST, still down 8.7% on the day. James Butterfill, head of research and investment strategy at ETF Securities in London, said: ”He joins a long line of market commentators that have been critical of bitcoin and it potentially being in a bubble, so his comments could have been the tipping point.” 4.25pm BST: Bitcoin fall in price could be ‘technical pull back’ CoinDesk said: “Most investment banks have been and still call bitcoin a 'scam'. Every week, we see some stock market expert drawing parallels between the bitcoin rally and stock market bubbles seen over the last 100 years. “Thus, despite the 416% year-to-date gains in bitcoin, it is safe to say that there are no signs of Euphoria. “In fact, the first sign of bitcoin nearing a major top would be investment banks boarding the cryptocurrency freight train. “More likely then is that what we’re seeing now is a technical pull back. Following a stupendous rally, investors are looking for reasons to take profit.” 2.47pm BST: Jamie Dimon's attack dismissed as ‘naive’ Chris Skinner, global ambassador for London-based fintech trade body Innovate Finance, has dismissed Jamie Dimon's attack on bitcoin as “naive”. Mr Skinner told Financial News: "The banking industry has gone through the fear, denial and grief of bitcoin. It has died a thousand deaths, according to experts, and yet it still keeps going. “The reason is that we need a cryptocurrency that can operate globally in the digital age. That currency may or may not be bitcoin, but to decry it as something just for criminals is naive." 1.15pm: Blockchain researcher says history has proven Dimon wrong CFA blockchain researcher Noelle Acheson tweeted: “History has already proven him wrong on so many counts…” 1pm BST: Analyst says bitcoin 'here to stay' despite Jamie Dimon’s criticism Naeem Aslam, chief market analyst at Think Markets UK, said: "The digital currency is here to stay and under a more regulated environment, its volatility would ease off. "Moreover, this is not the first time that Jamie Dimon has spoken against the currency, the last time he had a similar go on the currency was in November 2015. "Since then, the currency has had a remarkable run.”

Getty Bitcoin price update LIVE: Bitcoin slammed as ‘fraud’ amid fears of bubble

12.44am BST: Economist warns bitcoin should be worth ‘half what it is’ Economist Mohamed El-Erian said: "The current pricing assume massive adoption, and I don't think governments will allow the amount of adoption that's currently priced in.” Asked what would be a reasonable price for bitcoin, Allianz's chief economic advisor told CNBC: "I would say at least half of what it is, a third of what it is." 12.26am: Bitcoin community hits back at Jamie Dimon’s criticism Charles Hayter, the CEO and cofounder of CryptoCompare, told Business Insider: “Jamie Dimon doesn't have the strongest track record when it comes to looking over the hill and generally you can't teach old dog new tricks," He added: "Naturally, his comments have generated ire from the crypto community as they have jumped to the defence of their project and beliefs." Noon BST: North Korea 'hacks bitcoin exchanges' as sanctions bite North Korea has targeted at least three bitcoin exchanges in a bid to steal the cryptocurrency as the sanctions hit home, security experts have said. Luke McNamara, a senior analyst with FireEye, also said the bitcoin hacking came after the tightening of sanctions on North Korea's economy. He said: “You also have cryptocurrencies appreciating significantly since the beginning of the year. So you see cryptocurrency exchanges, particularly in South Korea, becoming a logical target.” 11am BST: Bitcoin falls back after modest recovery ends CoinDesk said: “After mounting a modest recovery in the wake of rumored regulatory scrutiny, the price of bitcoin is back below $4,000. “The average price of bitcoin across global exchanges fell below $4,000 at roughly 3.15 UTC today, hitting a low not observed since September 10.”

The worst stock market crashes in history Wed, May 17, 2017 We have been witnesses to some of the worst stock market crashes ever known Play slideshow Getty Images 1 of 9 A stock market crash is a sudden dramatic decline of stock prices