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Sept. 13, 2017
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Bitcoin's (Bitcoin) value has dropped 10% since J.P. Morgan CEO Jamie Dimon slammed the cryptocurrency, briefly falling below the $3,800 mark on Wednesday, The Cointelegraph reports.

The price of bitcoin dropped to about $3,885 as of mid-day Wednesday, about 24 hours after Dimon spoke.

At one point in trading, the cryptocurrency fell as low as $3,777. That's down from an all-time high of $5,000 just two weeks ago—a drop of 22%.

The plunge has been painful for investors who bought into bitcoin seeking high gains.

At its all-time high, the value of all bitcoins in circulation was about $81.2 billion. Now, it’s $63.5 billion.

On Tuesday chief executive of JPMorgan Chase & Co (TIKER: NYSE: JPM) Jamie Dimon said that Bitcoin was a fraud” and it would blow up.

Speaking at a bank investor conference in New York, Dimon added: “The currency isn’t going to work. You can’t have a business where people can invent a currency out of thin air and think that people who are buying it are really smart.”

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