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Bitcoin plunged below the $10, 000 level for the first time since November, as a wave of selloff continues to sweep cryptocurrency markets for the second day.
The world's biggest digital currency fell as low as $9. 199.59, declining almost 19 percent, according to CoinDesk data. Bitcoin then rebounded slightly to $10,123.
The last time bitcoin declined below the $10, 000 mark was November 30. It soared to a record high of $19, 783.21 on CoinDesk in December, but has since been on a gradual decline. At its current price, bitcoin is now down almost 50 percent from that all-time record.
Over $30 billion was cleared from the digital currency's market value in the last 24 hours.
Ethereum and ripple, the second and third biggest cryptocurrencies respectively, continued to edge down. CoinMarketCap data showed ethereum was trading 15 percent down close to $885 per coin, while ripple edged down almost 14 percent to around $1.02.
The wave of selloff was triggered by the comments of South Korea's Finance Minister Kim Dong-yeon, who said that authorities in the country was still considering to ban and shutter cryptocurrency exchanges. Initial reports said one of the biggest cryptocurrency markets of the world is taking steps to crackdown on virtual closet trading last week, which caused a sharp decline in the price of bitcoin and a number of other major digital assets.
