Here’s why cryptocurrency prices are tanking right now

Every product here is independently selected by Mashable journalists. If you buy something featured, we may earn an affiliate commission which helps support our work.

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.

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…

More about Bitcoin, Ethereum, Cryptocurrency, Tech, and Sharing Economy