On Tuesday Bitcoin hit a four-week low, before a rebound in the market, amid statements coming out of South Korea with regards to potential regulatory action within cryptocurrency markets. The yo-yoing of the market saw bitcoin plummet 18%, with other cryptocurrencies suffering similar fluctuations.

Ethereum suffered a 23% decline, with Ripple dropping a whopping 33% in value. The news coming out from South Korea continues to be confusing and potentially damaging in the long-term for digital currency as a whole. Kim Dong-yeon, the finance minister for South Korea, has stated that the banning of digital currencies was ‘a live option’ after recent reports that the initial crackdown on cryptocurrencies in the country was not a definite approach.

Bitcoin itself is currently on track for the biggest fall in value over one-day in the last three years. The European Union is currently looking into stricter regulation to prevent financial transactions through cryptocurrencies to launder money or fund terrorism, whilst in China, ICOs have been banned and bitcoin mining limited.

It remains to be seen whether government interference from across the globe can actually take place effectively due to the borderless nature of digital currency and the way users within this realm process transactions.