On the 16th January, altcoins and Bitcoin lost up to 40% value, with most blaming South Korea and China for upsetting the market.

As reported earlier this week, authorities in South Korea are planning to penalise users who have not linked their crypto exchange accounts to an account which has information about their identity. Furthermore, it has also been reported that China plans to impose a complete ban on all bitcoin and altcoin trading activity.

Bitcoin has now seen a loss of almost 15%, and other altcoins have seen worse results, with losses of 20% and 30% reported. Coins in the Top 30 even experienced a dip of 40%. Having seen a massive price increase at the beginning of January, Bitcoin Cash has now fallen under $2000.

In addition to this, Ripple was at $1.36, which is less than half the price that it was at the beginning of the month. Reactions to the statistics once again highlight the differing opinions within the world, as some suggest the change is healthy while others hint at a crash.

However, in more positive news, Wall Street’s bonus application is estimated to create an increase in cash in the cryptocurrencies market, at a time when it is needed the most.