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Bitcoin Plummets Below $3,000 on Rising China Worries (ft.com)

Posted by msmash on from the changing-market dept.

Bitcoin dropped below $3,000 on Friday as the cryptocurrency extended a brutal eight-day sell-off that has reduced its value against the dollar by a third. Financial Times reports: The currency traded as low as $2,972, marking a 36 per cent fall from bitcoin's close on September 7, and a collapse of 40 per cent from the highs struck earlier this month. The latest bout of selling came after BTCChina, one of the country's biggest bitcoin exchanges, said it would halt trading at the end of the month. Focus has now shifted to the communist country's other two big exchanges: OKCoin and Huobi. Alternative source.

4 of 221 comments (clear)

  1. Also... by Luthair · · Score: 4, Informative

    JP Morgan's CEO referred to bitcoin as a fraud, and made reference to tulips (the first recorded bubble).

  2. Bitcoin's value is still up by DontBeAMoran · · Score: 5, Informative

    Not only is Coindesk showing a rebound above USD$3400 but let's not forget that Bitcoin's value was only around USD$1000 at the beginning of january 2017. So it's still up 200% right now. That USD$5000 value was a bubble and it had to burst.

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  3. "percent" by Dan+East · · Score: 1, Informative

    "percent" and "per cent" aren't the same thing, and this is especially grievous when talking about money. I assume Bitcoin didn't fall 36 bitcoins per US cent, but fell 36 percent.

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    1. Re:"percent" by mysidia · · Score: 4, Informative

      "percent" and "per cent" aren't the same thing, and this is especially grievous when talking about money.

      False. "Percent" literally means per 100 ( a fraction), and "Per cent" literally means per 100 ( a fraction). It is your "Per US cent" which is completely different, because now you are suddenly comparing it to units of a different currency.