LONDON: Bitcoin slid as a lot as 14 % on Tuesday to hit a 4-week low under $12,000, as fears grew of a regulatory crackdown after stories that South Korea’s finance minister had stated banning buying and selling in cryptocurrencies was nonetheless an choice.
South Korean information web site Yonhap reported that Finance Minister Kim Dong-yeon had informed an area radio station that the federal government can be arising with a set of measures to clamp down on the “irrational” cryptocurrency funding craze.
Bitcoin slid on the information, buying and selling as little as $eleven,730 on the Luxembourg-based mostly Bitstamp change, down thirteen.6 % on the day.
The newest tumble leaves bitcoin greater than forty % down from the report highs of round $20,000 reached in mid-December, wiping about $one hundred twenty five billion from its “market cap” – the worth of bitcoin multiplied by the entire variety of bitcoins which were “mined”, or launched into the market.
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