Bitcoin erases all of its losses that occurred after Jamie Dimon called it a fraud
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.
Also that week, BTCChina, a major exchange, announced that it would stop all trading on September 30, as regulators moved to contain potential financial risks.
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.
And bitcoin could get even more fragmented: CoinDesk reported Wednesday that bitcoin developers may be preparing for a second split following the fork in August that created Bitcoin Cash.
Andy Kiersz/Business Insider
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