Bitcoin\'s market value has plummeted since 2018 opened, after record highs of mid-December. Many have paralleled this slump in market value with the rise in government crackdowns.

China recently announced that they were seeking to ban all crypto trading, looking to enforce the ban on those using computer apps and online programmes to trade crypto. In addition, South Korea also recently announced that official government bodies were banding together to discuss the direction they wished to take in regards to the regulation of cryptocurrency, after a \"false alarm\" in which an official announced that South Korea was planning to ban all cryptocurrency trading earlier in the month. 

China has previously been a country in which cryptocurrency has thrived, with over 58% of all bitcoin mining taking place there. The trading of highly-sought cryptocurrencies, such as bitcoin and ripple, is also a rising craze in South Korea, with reports noting that approximately 15% of bitcoin trades happening in the country. These percentages highlight the blow that government regulations could have on the crypto market.

The U.S has now chimed in with their criticism of the lack of regulations on the cryptocurrency market. Regulators in the US have warned people against investing in bitcoin, arguing that more clarity needed to be gained before they could endorse investments in bitcoin.