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Bitcoin tumples below $10,000

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Bitcoin, the world’s largest cryptocurrency has traded below $10,000 for the first time since early December.

The value of one bitcoin fell to $9,958 (19%) which represents more than $30 billion decline in the cryptocurrency’s market value within 24 hours before making a slight recovery to $10,123 at 11:56 a.m. ET, according to the price index run by the news site Coindesk.

The cryptocurrency which peaked close to $19,800 five weeks ago has experienced a gradual decline which analyst believe was normal to correct for the bubble that had been formimg in the market.

The recent tumble is believed to be due to new regulations from South Korea and China. South Korea is considering shutting down the domestic cryptocurrency exchanges while China is reportedly looking to deepen its crackdown on the cryptocurrency market.

Other cryptocurrencies such as Ethereum, Ripple, Litecoin and Bitcoin Cash have also experienced steep falls over the past day.

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