Bali News and Views Editors Comments:
Bit coin bubble may have burst
I've been saying for some months now that the Bitcoins were going to crash.
Over a thousand Facebook friends have unfriended me because they were too ignorant to see that "Bitcoins is a fraud". According to Jamie Diamon, Head of Jp Morgan, Chase.
Yesterday I said : "If you thought about buying Bitcoins, think again.
If you bought them and have a handsome profit don't be greedy, take your profit. If you bought and have minor losses, I would sell out now"
As always, do not take actions based on my opinion. I do not have a crystal ball and certainly have made a lot of mistakes in my life. Fortunately most of my investment recommendations over the last 20 years have been profitable especially Bali real estate.
Last night Bitcoins crashed and Goverments around Asia and the world are coming down hard on this "Fraudulent Currency"
Bitcoin price update LIVE:
THE BITCOIN price is falling after JP Morgan boss Jamie Dimon slammed the cryptocurrency as a ‘fraud’ that will ultimately blow up. Here are live price updates and the latest bitcoin news.
By ALICE FOSTER
PUBLISHED: 23:00, Wed, Sep 13, 2017 | UPDATED: 23:03, Wed, Sep 13, 2017
JPMorgan Chase CEO Jamie Dimon 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 told a banking industry conference yesterday.
"Currencies have legal support. It will blow up."
The latest bitcoin price chart show that the cryptocurrency has fallen back below $4,000 after the explosive criticism of bitcoin.
Bitcoin has fallen $1,000 since the start of the month amid speculation the Chinese government is launching a crackdown on exchanges.
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.
GettyBitcoin price update LIVE: Bitcoin slammed as ‘fraud’ amid fears of bubble
I've been saying for some months now that the Bitcoins were going to crash.
Over a thousand Facebook friends have unfriended me because they were too ignorant to see that "Bitcoins is a fraud". According to Jamie Diamon, Head of Jp Morgan, Chase.
Yesterday I said : "If you thought about buying Bitcoins, think again.
If you bought them and have a handsome profit don't be greedy, take your profit. If you bought and have minor losses, I would sell out now"
As always, do not take actions based on my opinion. I do not have a crystal ball and certainly have made a lot of mistakes in my life. Fortunately most of my investment recommendations over the last 20 years have been profitable especially Bali real estate.
Last night Bitcoins crashed and Goverments around Asia and the world are coming down hard on this "Fraudulent Currency"
Bitcoin price update LIVE:
THE BITCOIN price is falling after JP Morgan boss Jamie Dimon slammed the cryptocurrency as a ‘fraud’ that will ultimately blow up. Here are live price updates and the latest bitcoin news.
By ALICE FOSTER
PUBLISHED: 23:00, Wed, Sep 13, 2017 | UPDATED: 23:03, Wed, Sep 13, 2017
JPMorgan Chase CEO Jamie Dimon 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 told a banking industry conference yesterday.
"Currencies have legal support. It will blow up."
The latest bitcoin price chart show that the cryptocurrency has fallen back below $4,000 after the explosive criticism of bitcoin.
Bitcoin has fallen $1,000 since the start of the month amid speculation the Chinese government is launching a crackdown on exchanges.
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.
GettyBitcoin price update LIVE: Bitcoin slammed as ‘fraud’ amid fears of bubble
CoinDeskBitcoin price update LIVE: Latest bitcoin price chart
10.30pm BST: 'More room to run'
ThinkMarkets analyst Naeem Aslam said: ”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."
He added: "Most importantly, given that the CEO does not think that shorting this trade would yield a more favourable outcome shows that the cryptocurrency has a lot more room to run."
9.25pm BST: 'Parallels to pyramid schemes'
JPMorgan Chase’s global head of quantitative and derivatives has also joined his boss in slamming the currency.
In a client note, Marko Kolanovic 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.”
8.25pm BST: Jamie Dimon's comments are 'tipping point'
After Dimon's warning triggered a 11% 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.”
5pm BST: Bitcoin hits low of $3,766 today
Bitcoin opened at $4,148.27. Today's high is $4,152.07 and today's low is $3,766.36.
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.”
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 historyWed, May 17, 2017
We have been witnesses to some of the worst stock market crashes ever known
PLAY SLIDESHOW
A stock market crash is a sudden dramatic decline of stock prices
10am BST: China's shutdown of exchanges takes 'wind out of bitcoin'
Naeem Aslam, chief market analyst at Think Markets UK, said: "China's plan to shut down the domestic Bitcoin exchanges has taken a lot of wind out of Bitcoin.
"The PBOC has prepared a draft which would ban the Chinese platforms from offering Bitcoin trading- a serious blow for Bitcoin.
"Remember the Asia region has massively influenced the demand for Bitcoin."
9.30am BST: Australia cracks down on criminals using bitcoin
Australia recently cracked down on the criminal use of the cryptocurrency and beefed up the Anti-Money Laundering And Counter Terrorism Financing Act.
Minister for Justice Michael Keenan said: "The threat of serious financial crime is constantly evolving, as new technologies emerge and criminals seek to nefariously exploit them.”
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10.30pm BST: 'More room to run'
ThinkMarkets analyst Naeem Aslam said: ”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."
He added: "Most importantly, given that the CEO does not think that shorting this trade would yield a more favourable outcome shows that the cryptocurrency has a lot more room to run."
9.25pm BST: 'Parallels to pyramid schemes'
JPMorgan Chase’s global head of quantitative and derivatives has also joined his boss in slamming the currency.
In a client note, Marko Kolanovic 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.”
8.25pm BST: Jamie Dimon's comments are 'tipping point'
After Dimon's warning triggered a 11% 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.”
5pm BST: Bitcoin hits low of $3,766 today
Bitcoin opened at $4,148.27. Today's high is $4,152.07 and today's low is $3,766.36.
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.”
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 historyWed, May 17, 2017
We have been witnesses to some of the worst stock market crashes ever known
PLAY SLIDESHOW
A stock market crash is a sudden dramatic decline of stock prices
10am BST: China's shutdown of exchanges takes 'wind out of bitcoin'
Naeem Aslam, chief market analyst at Think Markets UK, said: "China's plan to shut down the domestic Bitcoin exchanges has taken a lot of wind out of Bitcoin.
"The PBOC has prepared a draft which would ban the Chinese platforms from offering Bitcoin trading- a serious blow for Bitcoin.
"Remember the Asia region has massively influenced the demand for Bitcoin."
9.30am BST: Australia cracks down on criminals using bitcoin
Australia recently cracked down on the criminal use of the cryptocurrency and beefed up the Anti-Money Laundering And Counter Terrorism Financing Act.
Minister for Justice Michael Keenan said: "The threat of serious financial crime is constantly evolving, as new technologies emerge and criminals seek to nefariously exploit them.”
Related articles
Bitcoin price PLUNGES as China ‘prepares cryptocurrency crackdown’
Bitcoin Price Update LIVE: Bitcoin sinks after China crackdown
North Korea ‘hacking Bitcoin exchanges to steal money’ as Kim boost...
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