Bitcoin and cryptocurrency prices have fallen sharply through September, proving bears right.

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The bitcoin price is more than 15% lower than where it began the month, with ethereum and other major cryptocurrencies falling even further. This week, China sent bitcoin tumbling further after it declared all cryptocurrency-related financial activities illegal—wiping $150 billion worth of value from the combined crypto market.

Ahead of China’s latest bitcoin and crypto crackdown, analysts at Wall Street giant JPMorgan JPM have warned big investors have begun pivoting out of bitcoin futures and into ethereum amid a “strong divergence in demand.”

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