Bitcoin is taking a pounding today, reaching 3.5 week lows as of press time.
Data source OnChainFX shows that bitcoin (BTC) has dropped by 14% in the last 24 hours.
At press time, prices were at $11,966 levels, according to OnChainFX.
Notably, the popular cryptocurrency is already down 40% from its all-time high of $20,000 set just a month ago.
The losses in bitcoin are largely similar with those seen across the cryptocurrency space.
As of writing, Ripple (XRP), stellar lumens (STR) and cardano (ADA) are all down at least 25% on the day each.
Ethereum’s ether (ETH) token has dropped 18% in value in the last 24 hours.
So what’s causing trouble in the cryptocurrency markets?
Firstly, there is talk of a cryptocurrency trading ban in South Korea and further possible crackdowns on trading and mining in China.
And secondly, BTC futures contracts are trading at discounted rates to bitcoin’s global average calculated by CoinMarketCap.
The January expiry futures contract on the CBOE is trading at $11,510 and CME’s is changing hands at $11,530. Meanwhile, BTC spot is trading at $11,816.
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