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Economy

Bitcoin hit by one-two punch from China and Dimon

Virtual currency drops over 40% in two weeks to below $3,000

Bitcoin has dropped sharply this week, pushed lower by reports China will shut down virtual currency exchanges and negative comments by JPMorgan CEO Jamie Dimon.   © Reuters

TOKYO -- A double whammy has stalled the rise of bitcoin, the most widely traded cryptocurrency. One hit came from the Chinese government, the other came from Jamie Dimon, CEO of U.S. investment bank JPMorgan Chase. 

Bitcoin is now trading below $3,000, diving over 40% in two weeks. The last time the virtual currency fell below $3,000 was Aug. 5, over a month and a half ago. 

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