Bitcoin prices were tilting lower on Tuesday, but the No. 1 digital currency was holding well above last week’s nadir as it attempts to claw out of a hole that saw it shed more than a third of its value.
A single bitcoin BTCUSD, -1.67% was worth about $3,988, compared with its low of $2,951 on Friday, set after J.P. Morgan Chase & Co. JPM, +0.70% CEO Jamie Dimon described the asset earlier in the week as “a fraud” and a bubble. “It’s worse than tulip bulbs and won’t end well,” he said at a banking conference a week ago, referring to the 17th century mania over tulip bulbs that eventually burst.
Dimon’s comments, along with a number of negative statements from other Wall Street investors had put bitcoin on its heels, but it has reclaimed a portion of last week’s ugly losses, which technically put it in bear-market territory, described as a decline of at least 20% from a recent peak at $5,000.
On Tuesday, Ray Dalio, the founder of the world’s largest hedge fund, said bitcoin has all the makings of a bubble based on the firm’s criteria for the market phenomenon.
Full story at http://on.mktw.net/2w8N3IZ
Source: MarketWatch
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