Bitcoin Is Being Thrashed Again -- It Has Now Crashed 33% In Just a Few Days

Bitcoin is headed for an awful week as people start to question its use globally. Volatility is likely to continue in the near-term.
By Brian Sozzi ,

There is blood on streets lined with Bitcoins.

Bitcoin tanked about 5% to $3,065 on Friday morning amid speculation China would ban exchange trading of the cryptocurrency by the end of September. The crypto is now firmly engulfed in a bear market, having crashed roughly 33% over the last seven days on the back of a tougher stance by China (aka Bitcoin's home).  

Mohamed El-Erian, chief economic adviser for Allianz told TheStreet in an interview that investors should now start asking plenty of questions when it comes to bitcoin.

"The most important question is, what is being assumed at these levels," El-Erian said. 'What's being assumed at these levels is a major adoption of bitcoin by many institutions, by many individuals. I think that's an overreaction. I don't think bitcoins will get adopted simply because central banks are going to be very uncomfortable."

Not helping Bitcoin's case this week was a full on thrashing of its existence by JPMorgan (JPM) - Get Report CEO Jamie Dimon. 

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