Here's why cryptocurrency prices are tanking right now

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Here's why cryptocurrency prices are tanking right now

Here's why cryptocurrency prices are tanking right now

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All major cryptocurrencies are experiencing a severe price correction, with the size of the market shrinking from about $830 billion a week ago to $570 billion, according to CoinMarketCap.*

Bitcoin is currently at $12,062, down 12.7% in the last 24 hours. Ethereum has fallen 18.8% to $1,082, and Ripple is down to $1.35 per coin, a 26.8% decline.*

SEE ALSO: Here's what you need to know before you buy bitcoin


The correction is likely a result of several factors. Last week, South Korea's Justice Minister Park Sang-ki said the country is preparing a ban on cryptocurrency trading. Even though other branches of government later said the ban is not finalized, the country's stance towards the cryptocurrency market does seem to be getting tougher.* Read more...

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