In fact, only two of the top 50 most valuable cryptocurrencies are in the green today.
Recently, Bitcoin once again surged in price while XRP decreased in value. It now sits at $12,157 after a rough 24 hours that saw its value plummet from $14,000 down to $11,400. Nonetheless, the leading cryptocurrency has still lost nearly 40% of its market value since the dizzy heights seen in December.
The search for the "other Bitcoin" is hurting the real thing.
Other cryptocurrencies fell by almost as high as 40 percent in a 24 hour period on Tuesday. Litecoin is down 20 percent, while Dash is down 21 percent, and Monero is down 25 percent.
The government said it would make a final decision after "sufficient consultation and co-ordination of opinions", according to the South Koreannews agency Yonhap. It uses cryptography techniques to ensure secure transactions and control the creation of new units. This isn't the first time we've seen Bitcoin falter.
"Bitcoin faces a regulatory crunch sooner or later and increasingly we see signs of this starting to bite following South Korea's tentative plans to ban trading on cryptocurrencies and China's move to shutter mines", Wilson added. The fall is going to hurt Bitcoin's market dominance as well, as Bitcoin has fallen from being 87% in control around this time a year ago to now being in control of around 30%.
It's not clear what's causing this latest price drop but it appears to be the same story as before.
On Monday, a Bloomberg report claimed that China is in the process of blocking offshore cryptocurrency platforms that rely on centralised trading. The continuous decline in bitcoin price over the last few days is indicating that the selloff will most likely continue and chances of recovery are grim right now.
X Korean Finance Minister Kim Dong-yeon said in an interview with local radio station TBS that banning trading in digital currencies was "a live option", according to the AP but that "government ministries need to very seriously review it". Expressing concerns about the huge amount of energy used to power mining machines, China is planning measures to limit the electricity used by miners, who often run large "farms" of specially built computers.
It's not just the most popular cryptocoin in the world that's tumbling on Tuesday morning.
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