Bitcoin, Ethereum, Other Cryptocurrencies Are Dropping in Value

Cryptocurrency investors from South Korea face fines for anonymous accounts

Officials are now weighing halting trading on exchanges.

And it wasn't just the value of Bitcoin that was affected either; the value of other major cryptocurrencies such as Ethereum, Ripple, and Litecoin also suffered from the drop, while other less popular cryptocurrencies saw their values lose half their value. The first CME futures contract expires on 26 January.

With a prices hovering around $10,000, Bitcoin is still up 1100% compared to a year ago, even if its value almost halved since before Christmas, when the coin reached a record price of nearly $20,000.

This has led to a massive sell-off across the market.

While bitcoin has declined by 12.65 per cent since yesterday, ethereum is down 17.45 per cent and Ripple XRP is down 21.05 per cent, at the time of publication.

Bitcoin, the original and still the world's leading cryptocurrency in terms of market cap, has plunged by 14 percent that day, as Coindesk points out.

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The majority of other small cryptocurrencies are also under intense pressure.

The plunge occurred after the South Korean government said it was considering banning the trading of cryptocurrencies. "The shutdown of virtual currency exchanges is still one of the options", Kim Dong-Yeon, the country's finance minister, said in a radio interview on Tuesday.

The minister confirmed that although banning trading altogether could happen it still had to be thoroughly reviewed by the government ministries. It is normal to see such a drop when a major country drops trading volumes with 30%, but investors should realize the value of digital currencies and their future use.

Australia is looking to follow Japan in regulating cryptocurrencies. On top of that, Chinese officials are also stepping up efforts to limit cryptocurrency trading, after having already issued a ban on exchanges.

CoinInvest director Daniel Marburger said his company had sold about 30kg of gold, worth US$1.2 million in the spot market, on Tuesday. Digital-currency locomotive bitcoin has now slid close to $10,000.

Bitcoin's value, which hit $20,000 (£14,500) per token in December, tumbled as low as $10,000 (£7,300) on Wednesday morning.

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