Reuters Bitcoin price FALLS: Why is the price of bitcoin falling?

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Bitcoin tumbled immediately after Chinese bitcoin exchange BTCChina announced that it will stop all trading from September 30. The latest bitcoin price chart show that the cryptocurrency dipped below $3,500 today amid fears the Chinese government cracking down on exchanges. BTCChina, one of China’s largest bitcoin trading platforms, will stop registration of new users on Thursday due to the crackdown by regulators. “We will stop all trades on the digital trading platform starting Sept. 30,” it said on its official microblog.

BTCChina said its decision was based on 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 The bitcoin trading platform tweeted: “After carefully considering the announcement published by Chinese regulators on 09/04, BTCChina Exchange will stop all trading on 09/30.” Media 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. The regulators’ crackdown was sparked by fears that Chinese investors were speculatively piling into cryptocurrencies.

CoinDesk Bitcoin price FALLS: Latest bitcoin price chart

Last week they banned the practice of creating and selling digital currencies or tokens to investors to finance start-up projects. Bitcoin has fallen $1,000 since the start of the month amid speculation the Chinese government is launching a crackdown on exchanges. The price tumble today came after JPMorgan Chase CEO slammed bitcoin as a ‘fraud’ that will ultimately blow up and said he would fire anyone trading bitcoin because it was against their rules and 'stupid'. "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. BITCOIN PRICE UPDATE LIVE

"Currencies have legal support. It will blow up." John McAfee, of MGT Capital Investments, hit back at 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.

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