Dimon believes Bitcoin is only fit for those who need to circumvent traditional, traceable banking systems, and said that at the financial institution, trading in Bitcoin is against the rules. "China is preparing to provide licensure for less than a handful of exchanges as it grapples with the meteoric increase in cryptocurrency trading, and speculation on ICOs - licensure and engagement with government will help propel this industry forward".
According to the Bitcoin Price Index, which offers an average of the various global platforms, the currency had plunged as low as $3,640 by Thursday evening after peaking at an all-time high of around $4,359 on Tuesday.
In a tweet, BTC China said it had carefully considered the Chinese regulator's decision to crackdown on the cryptocurrency and would stop accepting new account registrations. Since the beginning of September, more than $75 billion has been wiped out, partly due to China, which was-recently rumored to be seeking a Bitcoin ban.
The UK's financial watchdog warned this week that ICOs are "very high-risk, speculative investments", while the US Securities and Exchange Commission said in July that some ICOs should be regulated like other stocks.
Gundlach said he doesn't have a view on bitcoin but that he's concerned it may be more vulnerable to manipulation than enthusiasts admit.
But Bitcoin wasn't the only cryptocurrency that was affected by this news.
China's central bank did not immediately respond to a request for comment.
And China is not the only country watching Bitcoin.
As of yesterday, both OKCoin and Huobi continued to operate normally and claimed that they had not been contacted by government regulators. So if you were a dollar millionaire but put it all into bitcoins, you lost over $363,000 (£272,000) overnight. We know this because he commissioned the development of one. It allows anyone to embed informative Bitcoin.com widgets on their website.
But that wasn't the only piece of Ripple news to weigh on the Ripple price prediction. There's also a widget dedicated to our mining pool, displaying our hash power.