Bitcoin price recovers from plunge after Jamie Dimon called it a fraud
Jamie Dimon
Bitcoin's price has fully recovered from  its  recent slump after  JPMorgan CEO Jamie Dimon  called it a fraud and Chinese regulators cracked down on exchanges.
The cryptocurrency had a drawdown of up to 14% in the 10 days after September 12  when  Dimon  compared it to the tulip bubble of the 1600s and vowed to fire traders who used it.
By Thursday  bitcoin had all of the losses. It was up nearly 2% from the lows on the day  Dimon  spoke  at $4157.31 per coin at 10:28 a.m. ET.
The move illustrates bitcoin's wild volatility; it's gained 331% this year  unheard of for any major currency and most financial assets. It also shows why many Wall Street professionals like  Dimon  don't see it as a legitimate store of value but as a speculative instrument.
Bitcoin's price has fully recovered from  its  recent slump after   [TGT] called  [TGT]  a fraud and Chinese regulators cracked down on exchanges.
The cryptocurrency had a drawdown of up to 14% in the 10 days after September 12  when   [TGT] compared it to the tulip bubble of the 1600s and vowed to fire traders who used it.
By Thursday  bitcoin had all of the losses. It was up nearly 2% from the lows on the day   [TGT] spoke  at $4157.31 per coin at 10:28 a.m. ET.
The move illustrates bitcoin's wild volatility; it's gained 331% this year  unheard of for any major currency and most financial assets. It also shows why many Wall Street professionals like   [TGT] don't see it as a legitimate store of value but as a speculative instrument.