"$12,191.80 before trading at $12,601.75 as of 3:29 p.m. in Hong Kong."Investors previously warned that this 'bubble' might burst. Is this the sign of a deflating Bitcoin bubble or will it make a come back?
"The cryptocurrency is fraud. It's just not a real thing, eventually it will be closed," explained JPMorgan Chase CEO Jamie Dimon.Like Dimon, former Fortress hedge fund manager, Michael Novogratz expressed his worries about the online currency.
"To be fair, this is a bubble and there's a lot of fraud mixed in. We look at tons of projects. And some get funded, and they literally look like Ponzi's. There's a lot of froth and fraud in something that's exciting as this."
"Economists have compared bitcoin’s meteoric rise with past bubbles, such as the tulip mania of the 17th century and the dotcom bubble that began in the late 90s with the Nasdaq index in New York and burst in 2000. "Whether or not Bitcoin is actually going to turn out like other trends is still unknown, however, investing in cryptocurrencies could be dangerous.