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Bitcoin is back below $US4,000 after the JP Morgan CEO called it a fraud

Photo by Bryn Lennon/Getty Images

Bitcoin is trading back under $US4,000 for the first time in almost a month.

It’s now fallen more than 20% from a high of $5,000 in early September.

Here’s today’s price action:

Investing.com

It’s been another interesting 24 hours for the cryptocurrency, with prices dipping overnight after JP Morgan CEO Jamie Dimon called it a “fraud“.

Bitcoin also topped the list on a monthly survey of 214 fund managers as the most crowded trade in the funds management industry.

Other major cryptocurrencies are also being sold off in Asian trade. A short time ago, Bitcoin Cash was at a one-month low around $US500.

Ethereum isn’t faring much better, down almost 7% for the session at around $US270.

The selling appears to be due to lingering fears around the enforcement of strict regulatory measures in China.

After banning initial coin offerings (ICOs) last week, the latest reports indicate that Chinese authorities may also ban the use of cryptocurrency exchanges.

Among the top-15 cryptocurrencies by market capitalisation in US dollars, China-based NEO has suffered the heaviest falls this afternoon.

A short time ago, it was down 13% to below $US20, after trading above $US50 in August:

Investing.com

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