Bitcoin’s cost is spiking by 7 percent as traders shake off China fears

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Bitcoin's cost is spiking by 7 percent right now

The cost of bitcoin rose neatly on Monday with a cost spiking adult 7 percent midday, according to CoinDesk marketplace data.

The cost of a cryptocurrency is adult scarcely 300 percent year to date.

Bitcoin is still underneath a $4,000 level, that it pennyless by after JPMorgan CEO Jamie Dimon pronounced on Sept. 12 that a cryptocurrency is a “fraud” that will eventually blow up.

In addition, new reports pronounced regulators in China have systematic bitcoin exchanges to tighten harm a digital currency’s price.

“In my opinion, a markets overreacted to a China news. In a brief term, it was bad news, though prolonged tenure a fundamentals are unchanged,” William Mougayar, author of “The Business Blockchain,” wrote in an email.

-CNBC’s Evelyn Cheng contributed to this news

Tae Kim


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