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Bitcoin continues to slide Wednesday as uncertainty and criticism against the red-hot cryptocurrency mount.

The cryptocurrency was down over 9% Wednesday morning at $3,767 a coin, just eleven days after crossing the much-anticipated $5,000 threshold.

Bitcoin has fallen more than 11% since Jamie Dimon, the CEO of JPMorgan, bashed the cryptocurrency.

On Tuesday, the 61-year-old banker said at the Barclays Financial Services Conference that bitcoin was “a fraud” that would eventually blow up. Dimon, a long-time critic of bitcoin, once called it “a terrible store of value” in 2014 during an interview with CNBC.

John Spallanzani, chief macro strategist at CFI Group, tells Business Insider that Dimon’s remarks, however, aren’t the only reason bitcoin is under pressure this morning.

“The negative news cycle continues, the UK regulator FCA has sounded the alarm over initial coin offerings, and the China crack down,” he said in an email to Business Insider.

On Tuesday, the UK’s financial watchdog, the Financial Conduct Authority, warned investors about the risk associated with initial coin offerings, the cryptocurrency-based fundraising method. Over $2.1 billion have been raised via the method since the beginning of the year, according to Autonomous NEXT, the financial technology …read more

Source:: Businessinsider – Finance

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