According to Coinbase figures, Bitcoin's market value temporarily dipped to just under $10,000 on Tuesday, with it reportedly dropping to $9,969 on Tuesday morning. However, Bitcoin has quickly recovered over the past 24 hours, rising again to just over $11,000 at 6:02pm, ET.

Since the middle of December of 2017, Bitcoin's market value has nearly halved, despite a newly widespread interest in cryptocurrency from the public, and a media frenzy heating up on Bitcoin and its peers. Bitcoin's sharp drop in market value was directly triggered by announcements from the South Korean government that they were drawing up plans to regulate cryptocurrency trading in the country.

In addition to Bitcoin's plummeting value, other popular cryptocurrencies currently on the market also saw a notable drop in their value following South Korea's announcement. Ripple, one of the biggest cryptocurrencies currently on the market, also suffered in response to the call for regulations by the country. According to CoinMarketCap, Ripple reportedly suffered a spiralling market value drop too. Ripple's value plunged by 46%, hitting just 90 cents, during the same period. In addition, the cryptocurrency Ethereum also saw its market value fall by 30% on Tuesday. Ethereum's value was subsequently reduced to $1,000.