Bitcoin loses almost half its value in crypto-market bloodbath

Businessman looking at financial charts in frustration

"You have more regulatory uncertainty.and because of these falls you have these other outfalls", he said, referring to the collapse of some cryptocurrencies in the recent slump in prices.

China is also reportedly looking to crackdown on the cryptocurrency market.

Both China and South Korea are considered one of the biggest trade markets for virtual currencies, and thus leaks and statements from these countries affect the currencies.

The plunge follows a Bloomberg report on Monday that Chinese officials were stepping-up measures to limit cryptocurrency trading, which is already banned on exchanges.

"A total of 1.96 million people may have used apps that allow them to handle digital currencies, such as bitcoin and ethereum, last week, up from 140,000 tallied between October 30 and November 5".

Beginning on January 16, cryptocurrency crashes witnessed collective losses of $300bn in just 36 hours. Bitcoin, in particular, has seen a longer slip down in value by 25%, with almost $19 billion wiped off the collective values.

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Anuj, at the Sunday press conference said: "Since the past few days, due to media reports, our family is facing a lot of pain".

The numbers support this assertion: bitcoin prices surged by 2,000% over 12 months, peaking at nearly $20,000 per coin in December 2017.

Analysts point out that the pullback seems to be coming from a lack of buyers in Asia, particularly the main markets of Japan and South Korea, which a year ago were reportedly accountable for approximately 74per cent of global bitcoin trades. As bitcoin halted its two-day rally, rival cryptocurrencies also tumbled. Indeed, it was all smiles and laughter when Bitcoin, the most popular digital coin out there, skyrocketed in value and topped $17,000 just last week.

Bad news from China, which is stepping up its cryptocurrency crackdowns; sabre rattling from South Korea about restrictions; and a general worldwide government fervor to limit, restrict or tax exchanges and other means of transmission are creating a chilling effect.

Bitcoin futures maturing today on the Cboe Global Markets Inc's Cboe Futures Exchange were at US$10,070, with 1,586 contracts traded, after having opened at US$10,850.

Last week, Justice Minister Park Sang-ki said that the government was working on legislation that includes a complete shutdown of all virtual currency exchanges in the country.

Spooked investors are selling their cryptocurrency as value tumbles.

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