Bitcoin could lose another third of its value, according to JP Morgan

Bitcoin could lose another third of its value having almost halved over the past two months, according to one of the world’s biggest banks. 

Analysts at JPMorgan – led by Wall Street titan Jamie Dimon – believe the crypto-currency could fall as low as $23,000. 

Dimon has long been sceptical about Bitcoin and in 2017 described the cryptocurrency as a ‘fraud’, adding: ‘It’s worse than tulip bulbs. It won’t end well. Someone is going to get killed.’ 

In freefall?: Analysts at JPMorgan – led by Wall Street titan Jamie Dimon (pictured with wife Judith) – believe the crypto-currency could fall as low as $23,000

Police warned of links between cryptocurrencies and crime after Scotland Yard seized £114million of bitcoin as part of an investigation into money laundering offences. 

Deputy Assistant Commissioner Graham McNulty said: ‘Cash remains king, but as technology and online platforms develop, some are moving to more sophisticated methods of laundering their profits.’ 

Bitcoin was trading at around $31,000 on Saturday morning, having peaked close to $65,000 in April. 

It fell below $29,000 earlier this week for the first time since the start of the year. 

Bitcoin’s tumble coincided with the famous investor who predicted the sub-prime mortgage crisis warning retail traders that the ‘mother of all crashes’ is on the horizon.

Michael Burry warned that when the value of cryptocurrencies and ‘meme stocks’ fall it will trigger market losses ‘the size of countries’.  

Digital currencies and popular stocks have exploded in value this last year – drawing in amateur retail investors who have never traded before.

But Burry, founder of private investment firm Scion Asset Management, and others, have warned this has created a bubble that will inevitably burst and harm traders who bought at the top of the market.

Bitcoin tumbled below $29,000 earlier this week for the first time since the start of the year