The Bitcoin price (BTC/USD) has fallen to its lowest level in more than a month on Tuesday amid another market-wide cryptocurrency selloff.
Having closed at the $13,819.80 on Monday, the original cryptocurrency saw a slight decline in the early hours of today’s trading. The decline accelerated as a sudden drop, which occurred shortly after 07:00 GMT, sent the Bitcoin price below the $13,000 mark.
According to data from cryptocurrency tracker Coinmarketcap, the Bitcoin price is currently hovering around $11,900. It had fallen to $11,442.10, its lowest level since December 4.
The plunge follows more comments by South Korean officials regarding a possible ban on local cryptocurrency exchanges. As reported by local news agency Yonhap, earlier today South Korea’s finance minister Kim Dong-yeon said that the measure is still being considered by the government, which wants to clamp down on the “irrational” investment craze for cryptocurrency in the country.
“The government stance is that it needs to regulate cryptocurrency investment as it is a largely speculative investment,” Kim said in a radio program interview, as quoted by Yonhap.
“The shutdown of virtual currency exchanges is still one of the options (that the government has),” Kim said, adding that more consultations among government agencies were needed. The minister also revealed that “we are also tinkering with the option of levying taxes”.
outh Korea’s prime minister Lee Nak-yon, later explained that a shutdown of cryptocurrency exchanges was impossible without approval from the National Assembly. Lee also insisted that last week’s comments by the justice minister Park Sang-ki were misunderstood.
“What the justice ministry is going to do is not immediately shut down (exchanges),” Lee told reporters on Tesday. “As this is a legislative issue, it is not possible to shut them down without going through the National Assembly.”
As of 10:39 GMT, the Bitcoin price stood at $11,971.50, down 13.6% from the same time yesterday. The cryptocurrency’s total market capitalisation currently stands at $201.2 billion.