The market values of several cryptocurrencies have plummeted. Bitcoin has been hit by 15% decrease in value, dipping below $12,000. Bitcoin has not ranked up such a low future since the 4th of December. Other popular cryptocurrencies on the market have also seen a massive drop in their market value.

Ripple\'s value now sits at $1.23, meaning that the popular cryptocurrency has dropped by a sizeable 33%. Ethereum has also decreased in value, it has dropped by 20%. Reporters note that nearly every single cryptocurrency on the market has seen a decrease in value.

While everyone familiar to the world of crypto knows that the markets can be volatile, with frequent drops and sharp peaks in the value of commonly used cryptocurrencies, commentators seem wary of the latest sudden changes in price.

Many governments are now taking note of the surge in popularity and the potentially huge impact that cryptocurrency may have on their economies in the future. As such, a number of nations have made public their plans to step up regulation of cryptocurrency in order to gain control over the now thriving market of cryptocurrency.

Announcements from China and South Korea on plans for regulation caused a noticeable dip in the value of Bitcoin and other cryptocurrencies, and a rush to enforce new regulations could potentially have a long-term impact on the value of bitcoin and other alt-coins.