In the last few hours over $50 billion has been wiped away from the global cryptocurrency market cap, down to just $628 billion (at the time of writing) from its record high of $835 billion on January 7.
Why the massive drop in cryptocurrency prices? Well, there have been massive stories that the Chinese government will be banning Bitcoin mining in the country, and with 80% of Bitcoin mined in China, this is huge on its own. But then news broke a couple of hours ago from Reuters that the South Korean government was pushing laws in to ban cryptocurrency trading on SK exchanges.
This has seen the drop of virtually every single cryptocurrency, with Ethereum going from its record high of $1400+ to $1230 in a matter of hours.
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