Over the last month Bitcoin value has been cut in half

Bitcoin price news Ripple ethereum cryptocurrency Mike Bell

Later in the day, Ripple fell as low as about 90 cents!

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Bitcoin had a stellar year in 2017, starting at around $800 and steadily gaining value, before touching an all-time high of $19,783 on December 17th.

Shuhei Fujise, an analyst at Alt Design, told the news site: "Cryptocurrencies could be capped in the current quarter ahead of G20 meeting in March, where policymakers could discuss tighter regulations".

Later in the week, nearly every single cryptocurrency took a hit after reports of further regulatory clampdowns on cryptocurrency mining and exchanges from China and South Korea, both of which are a huge focus for Ripple. The fall of around 20% in value for just one day is keeping investors on the edge, as the other top cryptocurrencies by market value are not seeing a brighter day, either.

The collective market capitalization of all cryptocurrencies has dropped by more than $200 billion since Tuesday.

Previous year when Asia caused the cryptocurrency prices to bottom out, they eventually rebounded and by March of 2017 Bitcoin had again climbed past 1,000 and even peaked at $1,200.

"With reports on a renewed crackdown on the cryptocurrency in China fueling anxiety over future restrictions, further losses could be on the cards (for bitcoin) in the near term", said Lukman Otunuga, research analyst at FXTM in the UK.

Cryptocurrencies are falling on reports that authorities in China are planning to widen their crackdown on trading in the country. Exchanges and ICOs have already been regulated by the Chinese government, but it seems like the government is looking to abolish it as a whole.

Regardless of the reasons some in the cryptocurrency community are happy that the market is seeing at least some degree of a correction, as it keeps realities in check and is generally better for the long-term prospects of the industry.

The tumble is reportedly a result of intensified regulation fears in Asian countries including South Korea, China and Japan. However, due to their elusive pump and dump schemes, the recent fall may have little affect on their fortunes.

However, Indian investors need to remember that Bitcoin is not considered a legal tender in India.

Over the course of the previous year, the value of cryptocurrencies have surged considerably, with bitcoin alone topping the 12,000 mark, marking a 1,500% rise.

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