Investing.com - The price of the digital currency bitcoin was down around 1% on Monday amid ongoing uncertainty following media reports that China is planning to ban trading of all cryptocurrencies on domestic exchanges.
On the U.S.-based Bitfinex exchange, Bitcoin touched a low of $4,123.00 and was at $4,190.00 by 05:39 AM ET (09:39 GMT) having opened at $4,234.90.
At current prices, bitcoin has a total market capitalization of around $68 billion.
Bitcoin prices tumbled 6.6% on Friday after Chinese financial publication Caixin reported that the country’s authorities are planning to shut down domestic cryptocurrency exchanges.
Reuters reported Monday that they were unable to confirm multiple reports that Beijing was planning to shut down commercial trading for virtual currencies.
The latest reports came after China last week announced a ban on ‘initial coin offerings,’ a kind of fundraising via virtual currencies in order to finance start-ups.
Regulators in China have been investigating the domestic market for bitcoin and other virtual currencies since January of this year.
Meanwhile, the price of the new bitcoin offshoot, Bitcoin Cash was higher. It touched a high of $589.00 and was last at $563.21, having opened at $557.80.
Bitcoin cash has a total market cap of around $8 billion at current prices, making it the third most valuable cryptocurrency.
Elsewhere in cryptocurrency trading, Ethereum, the second biggest cryptocurrency by market cap after bitcoin, was down 1.54% to $293.15.
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