Bitcoin prices hit 1-week lows

The Bitcoin prices on Wednesday fell to hit one-week lows.  Having opened at $4,310.60, Bitcoin was trading at $4,229.90 by 06:23 AM ET (10:24 GMT), down 1.87% on the U.S. based Bitfinex exchange. This fall in the price of Bitcoin is a pullback from the 5-week highs set earlier this week.

On Monday, the Bitcoin prices hit a high of $4,482.00. This was the most since September 8. At current prices, the digital currency-Bitcoin has a total market capitalization of around $70 billion. On the other hand, at current prices, the Bitcoin cash has a total market cap of around $6.5 billion-the fourth most valuable cryptocurrency.  

Although, Bitcoin prices have rebounded after slumping in mid-September, yet they have to regain the $4,500 level. The Bitcoin prices sank when Chinese authorities announced a ban on trading cryptocurrencies in the country in September. Moreover, regulators and traditional banks are quite concerned about the risks of fraud and money laundering in the cryptocurrency space. 

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