The price of bitcoin dropped as much as 20 percent early Tuesday after regulators in South Korea repeated warnings they may ban cryptocurrency trading.
Cryptocurrencies across the board took a hit, with all of the top 100 digital coins listed by CoinMarketCap dropping in value.
More than $160 billion was wiped off the value of all cryptocurrencies listed by the website in the space of 10 hours, highlighting the remarkable volatility in the market.
Markets started to rebound by 7 a.m. ET Tuesday, but bitcoin’s price was still down 12 percent down from 24 hours ago, 20 percent down from a week ago, and down 40 percent from an all-time high of $20,000 a month ago.
Ethereum was down more than 12 percent, while ripple, a cryptocurrency that has increased in value 30,000 percent during 2017, was down 18 percent — an almost 40 percent drop in the last seven days.
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