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Traders Officially Shake Off China Fears

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Plunge Into Bitcoin covers news and analysis on the trends, price movements, technologies, companies and people in the bitcoin and digital currency world.

Traders Officially Shake Off China Fears

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Bitcoin’s price is spiking by 7 percent.
The price of bitcoin rose sharply on Monday with its price spiking up 7 percent midday, according to CoinDesk market data.
The price of the cryptocurrency is up nearly 300 percent year to date.
Bitcoin is still under the $4,000 level, which it broke through after JPMorgan CEO Jamie Dimon said on Sept. 12 that the cryptocurrency is a “fraud” that will eventually blow up.
In addition, recent reports said regulators in China have ordered bitcoin exchanges to close hurt the digital currency’s price.
“In my opinion, the markets overreacted to the China news. In the short term, it was bad news, but long term the fundamentals are unchanged,” William Mougayar, author of “The Business Blockchain,” wrote in an email.
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