Around August 10 2017, the value of Bitcoin reached $4000. By September 2, it reached over $4900. Just as many of us were wondering how much higher it could go, the value entered a steady and sharp decline. On the morning of September 15 2017, the value is now around $3600. There's many reasons as usual for the price fluctuation.
The chief executive officer of J.P. Morgan, Jamie Dimon called Bitcoin a "fraud." An ABC article describes his claims as "warnings from people in the know." In China, cryptocurrency exchanges and ICOs are being shut down by their government. The recent regulations in China are likely responsible for the latest price drop.
There are many advantages and disadvantages with cryptocurrencies operating in the international setting. In regard to cryptocurrency users, the concern is that governments will increasingly implement more regulations. In Japan the government intends to implement more thorough oversight of exchanges. Concerns from the Monetary Authority of Singapore include the possibility of ICOs being used for money laundering and terrorist financing.
