Bitcoin prices fell below the $3,000 mark for the first time in a month Wednesday as investors continue to dump the cryptocurrency following a crackdown on fund raising in China and accusations of fraud from one of Wall Street's most influential leaders.
Bitcoins were marked at $3,966 each on the Bitsmap exchange in London, the lowest since Aug 13 and down some 5% from last night's levels following a series of disparaging comments from JPMorgan Chase & Co. (JPM - Get Report) CEO Jamie Dimon, who called the virtual currency concept a "fraud" and said he'd fire any of his traders for dealing in it. So far this month, however, bitcoin prices have fallen nearly 20%, or more than $1,000, from the all-time peak the virtual currency reached on Sept. 1.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Breaking down an approach to the long side of this biotech stock.
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