Bitcoin fell below $4,000 on Wednesday with negative comments from a major business leader about the cryptocurrency and the threat of a regulatory crackdown, unnerving investors.
The digital currency fell as low as $3,766.36 on Wednesday and traded down 8.7 percent at $3,792.43 as of 11:03 a.m. in New York, according to data from industry website CoinDesk.
The move lower came a day after JPMorgan Chase CEO Jamie Dimon called the cryptocurrency a “fraud,” adding that “Someone is going to get killed.”
“It’s worse than tulip bulbs. It won’t end well. Someone is going to get killed,” Dimon said at a banking industry conference organized by Barclays. “Currencies have legal support. It will blow up.”