Bitcoin price tumbled sharply Tuesday, falling to the bottom levels since early December, after a report that China and South Korea are escalating their crackdown on the cryptocurrency, per Coindesk. Losses spread to several other digital currencies in early morning trading.

Cryptocurrencies have experienced a risky start to 2018 after rising to new heights last yr. The tightening of regulations reveals the cautious strategy nations are taking to the rising cryptocurrency craze.

Bitcoin broke through the $13,000 and $12,000 marks Tuesday morning, tumbling as little as $11,182.71 before recovering barely, per Coindesk. It is at the moment priced at $11,867.

  • Notable: Bitcoin was valued at around $1,000 at the start of 2017. In December, it broke $20,000.

Details of government crackdown:

  • The People’s Bank of China Vice Governor Pan Gongsheng mentioned in an inner memo, obtained by Reuters, that Chinese authorities “should ban centralized trading of virtual currencies as well as individuals and businesses that provide related services.”
  • Bloomberg additionally reported Monday that China is focusing on online platforms and cell apps that provide exchange-like services.
  • South Korea can also be anticipated to decide on a proposed ban on cryptocurrency exchanges, reports CNBC.

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