Crypto Today: Bitcoin recovers above $11K as sentiment improves

• Bitcoin retraces a portion of Monday's loss.
• Ripple gains more than 10%.
• Ethereum struggles to stay above $1K.

Following yesterday's heavy sell-off, major cryptocurrencies on Tuesday gained traction amid a relatively positive market sentiment. Although there were no clear drivers behind today's trading action in the crypto space, investors may have seen the latest drop as an opportunity for bargain shopping. In fact, the total market capitalization of all cryptocurrencies, which decreased nearly $150 billion in the last two days, retook nearly $70 billion of the lost cap to surpass $500 billion once again.

As of writing, the BTC/USD pair was up 5.5% at $11,100 while the ETH/USD and the XRP/USD were adding 3.55% and 13.85% at $997 and $1.4 respectively. Nonetheless, a possible rally in the short-term could stay fragile with investors attention staying on developments from South Korea and China.

On Tuesday, Korbit, one of the major cryptocurrency exchanges in South Korea, announced that it was going to stop serving non-citizens to comply with the new regulations ruled imposed by the government. Moreover, in a published statement on Tuesday, "those who do not have their real-name accounts at the same bank with the exchanges will not be allowed to make new deposits into the exchanges' accounts. They will be only allowed to make withdrawals," announced the South Korean Financial Services Commission.