Bitcoin prices fall below $12,000 – A drop of over 10%

Many of the world’s largest cryptocurrencies have today seen substantial price decreases, changing the value of major cryptocurrencies like Bitcoin, Ripple and Ethereum significantly. This change reflects the total market cap of cryptocurrencies decreasing from over $830 billion to around $570 billion, a decrease of over 30%. 

Bitcoin’s price has decreased from today’s opening price of $13,585 to under $12,000, though the currency is likely to recover (at least partially) as the day progresses. 

This change comes after South Korea’s Justice Minister revealed that the country is preparing a ban on cryptocurrencies, though these plans have not been finalised. Regardless, South Korea’s is set to take a stricter stance on cryptocurrencies moving forward.