Cryptocurrencies’ double-digit descent saw the main digital coins falling between 23% and 14% as rattled investors continued a selloff amidst fears of a South Korea crackdown and serves as another stark reminder of the volatility of cryptocurrency market.
Cointelegraph.com noted that at an event in Frankfurt, Joachim Wuermeling, a member of the board of Germany's Bundesbank, has suggested that any attempt to regulate cryptocurrencies would require international cooperation.
Wuermeling said. "Effective regulation of virtual currencies would therefore only be achievable through the greatest possible international cooperation, because the regulatory power of nation states is obviously limited.”
Bitcoin which had tumbled earlier to a four-week low close to $11,000 recovered somewhat down -14.72% at $12,192 at 16:14 UTC.
Ethereum which also earlier plunged 18% was down -14.81%. Ripple dived -24% while Bitcoin cash dropped -17%. Market capitalisation of digital money has slid by 23% to $593bn.
CFDs on cryptocurrencies at 16:52 GMT on capital.com.
- Bitcoin -9.84% at $13,552
- Ethereum -11.60% at $1,280
- Litecoin -9.98% at £230.3
- Ripple -18.33% at $1.7
Earlier we reported:
- Europeans queue up to criticise cryptocurrencies
- Bitcoin falls 20% as France and S Korea announce crypto crackdowns