Major Cryptocurrencies took a sharp blow on Wednesday, with bitcoins trading below than $11,000 mark, losing almost half of its value from the $20,000 peak that bitcoin touched last year.
All the top 10 cryptocurrencies by market value remain in red zone, with losses in double digits. Bitcoin was down more than 10 percent, while the fate of Ripple, NEM and NEO was even worse losing 17.74 percent, 20.37 percent and 20.39 percent, respectively, at the time of this report, as per the data provided by coinmarketcap.com.
As per reports, speculation in the market regarding the future of these currencies in Asia propelled the decline.
On Tuesday, Reuters reported that a senior Chinese central banker said authorities should ban centralized trading of virtual currencies as well as individuals and businesses that provide related services.
Meanwhile, South Korea was preparing a bill, which ban trading through cryptocurrency exchanges.
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