Correction Not a Crash: Bitcoin Price Eyes $3,000 as Traders Take Profits

The bitcoin-US dollar exchange rate fell below $4,000 on Tuesday, extending losses in the overnight trade to hit a three-week low of $3,781.

At press time, the cryptocurrency is trading at $3,844 levels, which amounts to a 25% drop from the record high of $5,000 on September 2. Perhaps more notably, month-on-month, BTC is now trading dead flat for the first time in since June.

Rumor has it bitcoin is feeling the pinch of speculation that the Chinese government is launching a crackdown on exchanges. A few others are blaming JP Morgan CEO Jamie Dimon's scathing attack on bitcoin for the meltdown in the prices seen today