It's easy to assume "this is it" for the superstar cryptocurrency and everything related to it, but some who have watched the market for a long time find these head-spinning plunges familiar.
Bitcoin touched a peak of nearly $20,000 in December. This is a three-fold collapse from the $3.65 peak it hit on January 4. Other cryptocurrencies like Ethereum, Ripple, Bitcoin Cash, Cardano, and Litecoin have also posted deep losses of between 30 to 40 percent, according to data from CoinMarketCap.
These regulations aren't being considered only in South Korea, the European Union agreed in December on harsher rules to prevent money laundering and terrorism financing on cryptocurrencies exchange platforms.
Bitcoin was valued at an average price of 1394 million yen ($17,587) in Japanese exchange houses by mid-afternoon today, and 13,513 million won in South Korea, according to the CryptoCompare website.
And on Tuesday, a Chinese central bank official reportedly said that authorities should ban the centralized trading of digital currencies, adding weight to concerns of further suppression of the country's cryptocurrency market. After a huge growth in value at the end of past year, there's been a drastic cryptocurrency crash, and the decline continues at a pretty rapid rate.
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Bitcoin had a huge boom throughout 2017, creeping up above the $1000 mark in January a year ago and hitting as high as $20,000 in December. "Although it will take time, there are levers being pulled that will gradually squeeze cryptocurrencies and the investment case behind them". People are selling to try and get the hell out of there.
The matter is now being reviewed by the country's government.
BitConnect reportedly received cease-and-desist letters from regulators in Texas and North Carolina for the unauthorized sale of securities.
Cryptocurrencies are tumbling since hitting the peak on Jan 7 when the total crypto market capitalization had touched the level of $813 billion.