Regulation scare prompts slide in Bitcoin, Ethereum

Jan 17, 2018, 6:43 AM EST
(Source: Antana/flickr)
(Source: Antana/flickr)

The value of the world’s most popular cryptocurrency, Bitcoin, tanked by about 18 percent on Tuesday amid fears of a regulatory crack down on digital currencies in South Korea, China and Russia.

Bitcoin’s slide to its four-week low of $10,567 prompted massive sell-offs across the cryptocurrency ecosystem with the closest rival Ethereum losing 23 percent of its value, notes The Guardian.

S. Korea’s justice minister recently said that his ministry is mulling a bill to ban trading via some cryptocurrency exchanges while the Chinese central bank called on the authorities to ban the centralized trade of virtual currencies, writes CNBC.