Crypto Today: Bitcoin resumes corrective slide, back below $ 14000

Bitcoin (BTC/USD), the world’s most known cryptocurrency, stalled its four-day rebound and resumed its corrective slide from the records highs of $ 19,891 levels reached last week. The spot is now losing almost 17% on Bitfinex to trade near $ 13,700.

The renewed weakness seen around the prices is mainly driven by the latest report that the South Korean government is considering options including a potential shutdown of at least some cryptocurrency exchanges to curb the ongoing speculation. Moreover, the recent warnings issued by the financial authorities globally about the risks of a bubble in the asset class, also add to the downside pressure on Bitcoin.

Bitcoin rebounded sharply in the first half of this week, after having booked the worst week since 2013, on the back of resurgent demand that suggested that investors’ interest remains intact heading into the New Year.

Meanwhile, its rival Bitcoin cash and Ethereum drops 13% and 8% to $ 2651 and $ 722.34 respectively. In contrast, Ripple gains 5% to trade at $ 1.31, easing-off record highs of $ 1.37. The total market capitalization of all cryptocurrencies dropped further from $590 billion to $ 553.61 as of writing.