Investing.com – Bitcoin remained at session lows on Tuesday, as the digital currency eased below $3,900, forfeiting its recent post-China-ban gains.
On the U.S.-based Bitfinex exchange, bitcoin fell to $3899.1, down $185.3, or 4.54%. Bitcoin is more than 25% below its recent peak of $4,969 with a market cap of $66.37 billion.
Bitcoin gave up some of its gains from the prior session as traders appeared to take profit from the recent rally which saw the digital currency rebound from one its worst crashes in its nine-year history in the wake of China’s latest crackdown on cryptocurrency activity.
All Bitcoin exchanges in Beijing and Shanghai were ordered to submit plans for winding down their operations by 20 September.
Bitcoin has pared some of the losses following its crash as investors downplayed the significance of the China ‘ban’ on global bitcoin trading activity. The Chinese bitcoin exchange market only accounted for approximately 10-13% of global bitcoin trading activity so far this year.
In the aftermath of the ban, Japan has become the largest Bitcoin exchange market with 50.75% of the global Bitcoin exchange market.
Bitcoin Cash rose 2.53% to $500, while Ethereum lost 4.62% to $283.08.