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Bitcoin slides 14% on crackdown fears

The latest tumble leaves bitcoin more than 40% down from the record highs of around $20,000 reached in mid-December.

Picture: AFP

LONDON - Bitcoin slid as much as 14% on Tuesday to hit a four-week low below $12,000 (£8,752), as fears grew of a regulatory crackdown after reports that South Korea’s finance minister had said banning trading in cryptocurrencies was still an option.

South Korean news website Yonhap reported that Finance Minister Kim Dong-yeon had told a local radio station that the government would be coming up with a set of measures to clamp down on the “irrational” cryptocurrency investment craze.

Bitcoin slid on the news, trading as low as $11,730 on the Luxembourg-based Bitstamp exchange, down 13.6% on the day.

The latest tumble leaves bitcoin more than 40% down from the record highs of around $20,000 reached in mid-December, wiping about $125 billion from its “market cap” - the price of bitcoin multiplied by the total number of bitcoins that have been “mined”, or released into the market.

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