80 percent of all Bitcoin has already been mined

Bitcoin Tumbles 20% as Fears of Cryptocurrency Crackdown Linger

The cryptocurrency opened at $11,348, according to CoinDesk, and dropped over $1,600 to hit a low of $9,685, though it's since recovered slightly and is now trading at $9,702. On Wednesday, bitcoin slid 18 percent.

The high volatility of cryptocurrencies has attracted both Wall Street and retail investors looking to find more alpha than they could in the highly-regulated and much less volatile stock market.

This is published unedited from the PTI feed.

The Bitcoin continues to fluctuate slight over 10,000 United States dollars falling 26% in Asian trade and continue its free fall during the European session.

Regulators around the world are still debating how to address the risks posed by cryptocurrencies such as bitcoin, the world's most popular virtual currency.

Prices of bitcoin, ripple and ethereum plunged earlier this week, with bitcoin dropping under $10,000 yesterday.

This week, the price of Bitcoin dived to a low of $9,199.59, a drop in value of nearly 50 percent of its record high reached in December a year ago.

Prices have plummeted since South Korea announced last week it may ban domestic cryptocurrency exchanges.

According to the report, Hong Nam-ki, minister of the office for government policy co-ordination, said while government officials still hold different opinions over the issue, the meeting today expects to reach a decision on a cryptocurrency exchange regulation.

Bitcoin has been having a very hard month. As the price of major cryptocurrencies including bitcoin, ethereum and ripple fell sharply, that market cap declined by Tuesday evening to a low of $450.5 billion.

According to data from CoinMarkCap, the third-largest cryptocurrency Ripple has dropped to $1.07, down 22.8% in the last 24 hours and down from a high of $3.80 on 4 January. He said: "I would say the strong rally in bitcoin and other cryptocurrencies we saw previous year is over".

The cryptocurrency is still down roughly 19% this year to date with crackdowns in South Korea and China, as well as hacks and scam warnings pushing away investors.

But the proposed move by South Korea would go even further, meaning an outright ban rather than restricted access, and is reportedly inspired by a desire to target "speculative frenzy and crime" associated with cryptocurrencies.

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