China shut down exchanges operating on the mainland past year - a move that also sparked a selloff, though the market later recovered. Fears regulators could clamp down on the volatile cryptocurrency have created a raft of large sell-offs.
"This bout of selling appears to have been sparked by a tightening of the regulatory noose on the wider cryptocurrency market".
This is published unedited from the PTI feed.
Finally, South Korean officials announced that they would be banning cryptocurrency exchanges.
Ripple, the third-biggest, has lost 18 percent of its value over the past 24 hours and was quoted at $1.03, down from a high of $3.81 on January 4.
Those worries have also depressed the prices of other digital currencies that gained sharply in recent months.
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 past year were reportedly accountable for approximately 74per cent of global bitcoin trades.
Bitcoin futures on the Cboe were little changed while CME-traded futures slipped 2 percent. Some attribute to looming regulation while others blame dampened investor sentiment following the closure of the Bitconnect trading platform which chose to close shop after receiving two cease and desist letters, a deluge of bad press, and DDoS attacks.
Broken representation of the Bitcoin virtual currency, placed on a monitor that displays stock graph and binary codes, are seen in this illustration picture, December 21, 2017. It's still sitting at almost 18 percent down since last week, according to Coinbase. Winter is here for cryptocurrency, and investors are reflecting that by turning the markets ice cold.