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CryptoWatch: Bitcoin tumbles to 6-week low on fears of regulatory noose tightening

Bitcoin’s spot price was slumping on Tuesday, touching a six-week low below $11,000, as the biggest cryptocurrencies came under pressure across the board.

The selloff follows reports that South Korean Finance Minister Kim Dong-yeon said banning trading in virtual currencies was “a live option.” That has added to ongoing worries about a potential crackdown in what’s considered the world’s third-largest crypto trading market.

The tumble also comes after a Bloomberg report on Monday that said China is escalating its clampdown on crypto trading. In addition, crypto exchange Kraken was down for longer than expected to upgrade its trading platform.

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