Tuesday, December 12, 2017

© Reuters.  Bitcoin price falls 2.5%© Reuters. Bitcoin price falls 2.5%

Investing.com – The price of the digital currency bitcoin fell around 2.5% on Tuesday, retreating after hitting its highest level in five weeks the previous day.

On the U.S.-based Bitfinex exchange, Bitcoin was trading at $4,295.20 by 05:53 AM ET (06:53 GMT), down 2.55%, having opened at $4,110.00.

Prices hit a high of $4,482.00 on Monday, the most since September 8.

Bitcoin prices have rebounded after slumping in mid-September when Chinese authorities announced a ban on trading cryptocurrencies in the country, but have yet to regain the $4,500 level.

Regulators and traditional banks are increasingly concerned about the risks of fraud and money laundering in the cryptocurrency space.

China used to account for the majority of bitcoin’s overall trading volume, but now makes up less than 15% of the total amount.

At current prices, bitcoin has a total market capitalization of around $71 billion.

Elsewhere, the price of bitcoin offshoot Bitcoin Cash was also lower. It was last at $402.51, having opened at $420.88.

Bitcoin cash has a total market cap of around $6.7 billion at current prices, making it the fourth most valuable cryptocurrency.

Elsewhere in cryptocurrency trading, Ethereum, the second biggest cryptocurrency by market cap after bitcoin, was down 2.77% to $288.34.

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