Bitcoin Prices Fall to 1-Week Lows


The price of the digital currency bitcoin fell on Wednesday to hit one-week lows, extending a pullback from the five-week highs set earlier this week.

On the U.S.-based Bitfinex exchange, Bitcoin was trading at $4,229.90 by 06:23 AM ET (10:24 GMT), down 1.87%, having opened at $4,310.60.

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.

At current prices, bitcoin has a total market capitalization of around $70 billion.

Elsewhere, the price of bitcoin offshoot Bitcoin Cash was also lower. It was last at $392.60, having opened at $400.38.

Bitcoin cash has a total market cap of around $6.5 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, edged up 0.25% to $292.42.