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9/15/2017, 4:07 PM (Source: TeleTrader)
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Bitcoin rallies above $3,500 amid wild trading

Bitcoin jumped more than 10% on Friday, surpassing the $3,500-mark, following a massive drop earlier this week on the news that Chinese authorities intend to shut down all trading platforms for digital currencies in the country. One of China's largest bitcoin exchanges, BTC China, announced it will stop all trading by September 30. 

The news came almost two weeks after Chinese regulators prohibited fund raising through initial coin offerings and after JPMorgan CEO Jamie Dimon called the cryptocurrency a "fraud," adding "it won't end well."

Bitcoin surged 9.88% to $3,555.1 and soared 10.96% against the Chinese yuan to 20,100 at the same time. The digital currency rallied 10.42% compared to the euro, changing hands at 3,028.7, while bitcoin cash gained 7.81% to trade at $416.98.

Baha Breaking News (BBN) / IB