Click to Skip Ad
Closing in...

Bitcoin and all other cryptos plunge as regulation looms

Bitcoin is going crazy. Again.

It’s not just the most popular cryptocoin in the world that’s tumbling on Tuesday morning. The entire crypto business is taking a huge hit, being swept by a wave of negativity based on fresh crypto regulation news from South Korea and China.

The South Korean government is looking at ways to regulate the cryptocurrency market, crypto exchanges included. However, the government has not finalized plans to ban virtual coin exchanges, Reuters reports. Apparently, government agencies are still in talks to decide on future regulations.

Chinese authorities, meanwhile, are also looking at ways to block access to Chinese and offshore trading platforms, Bloomberg explained on Monday.

Image source: CoinMarketCap

These uncertainties are driving down the price of Bitcoin. The virtual currency dropped by 13.44%, in Tuesday morning trading, according to data from CoinMarketCap, which is no longer taking into account prices from Korean exchanges.

All other major cryptos had a similar fate during Tuesday trading, including Ethereum, Ripple, Bitcoin Cash, Litecoin, and others, with coin owners apparently desperate to dump available stock, as seen in the following table.

Bitcoin price tumbled just before Christmas, taking all other cryptos down with it. That happened just days after it soared to almost $20,000 in a matter of days. Currently, Bitcoin is priced at just over $12,000, down 40% compared to the record highs from mid-December.

It should be noted that the crypto market is highly volatile, meaning that you can expect swings in any directions without notice.

Chris Smith has been covering consumer electronics ever since the iPhone revolutionized the industry in 2008. When he’s not writing about the most recent tech news for BGR, he closely follows the events in Marvel’s Cinematic Universe and other blockbuster franchises. Outside of work, you’ll catch him streaming almost every new movie and TV show release as soon as it's available.