Bitcoin's price is spiking by 7 percent as traders shake off China fears

Bitcoin's price is spiking by 7 percent as traders shake off China fears
The price of bitcoin 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.

Published 16 Hours Ago Updated 12 Hours Ago
CNBC.com
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Bitcoin's price is spiking by 7 percent right now
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.
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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