Many claimed that the Bitcoin crash was upon the world when the coin reached a low of $9,600 after previously reaching prices over $19,000. Since then, the cryptocurrency has struggled to return to over $12,000.
Some believed the crashes across all cryptocurrency were due to recent South Korean and French government announcements to place regulations on anonymous trading of crypto, while others believed that it was a part of the market correcting itself after such an increase.
Former Libertarian Party presidential candidate and software giant, John McAfee had other ideas as he felt that the dip happened because of JP Morgan Vice President Mike Bell claiming that Bitcoin was a fraud and should be banned by governments.
Everyone Relax! The Crypto dip was caused by Mike Bell of JP Morgan claiming Governments could ban cryptocurrencies. Well … how? This is the same company that called BTC a fraud. It’s a bank FFS. They are rightfully terrified of what we are doing. But it can’t be stopped.
— John McAfee (@officialmcafee) January 16, 2018