The Bitcoin price (BTC/USD) has returned above $14,000, as the recent sell-off in the original cryptocurrency has seemingly come to a halt.
Bitcoin experienced a sharp decline on Thursday, with its price falling to $13,105.90, its lowest level this year. The sell-off followed reports suggesting that South Korea would soon impose a ban on cryptocurrency exchanges in the country.
Reuters and other media outlets yesterday cited South Korea’s Justice minister Park Sang-ki, who said that the government was preparing a bill to ban trading of digital tokens on domestic exchanges.
“There are great concerns regarding virtual currencies and the justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges,” Park said, as quoted by Reuters.
Park’s words triggered a sharp negative reaction, throwing the cryptocurrency market into turmoil. However, later in the day South Korea’s presidential office issued a statement, clarifying that a ban on local crypto exchanges had not yet been finalised.
“Justice Minister Park’s comments related to shutdown of cryptocurrency exchanges is one of the measures prepared by the Ministry of Justice, but it’s not a measure that has been finalized,” a spokesman for the presidential office informed reporters.
The clarification helped the market stabilise and the Bitcoin price finished the session at $13,405.80. The cryptocurrency has continued is advance in today’s trading.
As of 13:27 GMT, the Bitcoin price stood at $14,149.30, up 2.1% from the same time yesterday. The cryptocurrency’s total market capitalisation currently stands at $237.7 billion.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.