Dubai: Bitcoin traders witnessed one of the wildest price swing since September after China, which controls 20 per cent of the cryptocurrency, said it may launch a crackdown on exchanges.
Bitcoin prices hit a record high of $4,950.72 on September 1, only to see the prices fall to a low of $3,226 levels on September 14, a fall of $1,700. On Sunday, Bitcoin was at $3,588 at 5pm, local time.
Beijing has already decided to ban initial coin offerings, which are used to raise funds with new digital tokens. The price decline also comes in the backdrop of Bitcoin being called “fraud” by the chief executive of JP Morgan, Jamie Dimon.
But even with the collapsing prices, Ari Paul, CIO and managing partner with BlockTower Capital says the cyrpto currency has outperformed all other asset classes.
“If Bitcoin falls 50 per cent from here, it will still have outperformed equities, gold, real estate [year to date],” Paul said.
