Cryptocurency updates: Major currencies suffer after S.Korea ban

Bitcoins and other major digital currencies took a bashing on Tuesday, after reports regarding South Korea banning the use of anonymous bank accounts to make cryptocurrency transactions made waves.

Bitcoin, the largest digital currency by capitalization, suffered double figure losses, as it lost 10.92 percent of its value, and is traded at $10,487.30 at the time of publishing of this story, quoted market data provider coinmarketcap.

All the top 10 cryptocurrencies by market value remain in negative zone, with losses in double digits. Ethereum was down 10.98%, while Ripple, Bitcoin Cash and NEM lost 9.02%, 11.89% and 13.69% of their value, respectively.

As per reports, the move by South Korea, which is one of the biggest market for digital currencies, is a move to stop these currencies being used for criminal activities.

Days ago, reports regarding the uncertain regulatory moves in Asian markets propelled a similar decline.