Crypto Today: Bitcoin slumps on S. Korea news, Ethereum, Ripple follow suit

Bitcoin, the world’s largest cryptocurrency, resumes its bearish momentum and hit fresh weekly lows near $ 12,500 levels, reversing a temporary bounce seen a day before. Bitcoin fell sharply amid a broad-based sell-off across the cryptocurrencies’ space after South Korea’s Justice Minister said a bill to ban cryptocurrency trade was being prepared. The move comes as the South Korean government pushed the regulatory crackdown on the cryptocurrency exchanges.

Moreover, the latest reports that South Korea’s largest cryptocurrency exchanges were raided by police and tax agencies this week for alleged tax evasion, also exacerbated the pain in the BTC. Meanwhile, the sentiment also remains weighed down, as the US Senate panel plans to hold a meeting next month to discuss Bitcoin, in the wake of rising concerns over the risks cryptocurrencies pose to the financial system.

The second largest cryptocurrency, Ethereum extended sell-off into a second day today, moving away from record highs of $ 1381.90 to now trade around $ 1195, down -13.20% on the day while Ripple crashes -13.35% to trade near $ 1.70 levels.