The cryptocurrency market is a sea of red today, a development skeptics will no doubt quickly use to make the case against bitcoin as a 21st century gold.

In times of economic or political stress, investors prefer to hold safe haven assets, and while many experts believe bitcoin is the new safe haven, today's dismal performance contradicts such claims. The cryptocurrency dropped 5 percent over the last 24 hours, even while North Korea's nuclear test and heightened geopolitical tensions pushed up traditional safe haven assets like gold, Japanese Yen.

Overall, bitcoin (BTC) clocked an intraday low of $4,253 earlier today, and was trading around $4,335 levels on news China has banned initial coin offerings, one of the main trends powering this year's boom.

Still, the price decline comes amid an uptick in trading. CoinMarketCap data shows volumes on Bitfinex, which offers trading in the BTC/USD pair, are up 7.11 percent.

Ethereum (ETH) was the biggest loser among the top 10 cryptocurrencies, down 12.14 percent in the last 24 hours, as it remains the platform of choice for most ICOs. Bitcoin Cash (BCC) had also shed around 3.7 percent and was last seen trading around $554.