CoinMarketCap showed that the Bitcoin's price dropped by 12.71 percent to $12,100 as of 09:27 GMT. At the Bitfinex cryptocurrency exchange trading platform, its value decreased by 12.6 percent to $11,890, while the Coindesk data revealed that the cryptocurrency's price sank by 11.67 percent to $12,000.
Other cryptocurrencies also faced dropping prices: Etherum sank by 18.78 percent up to $1,080, Ripple by 26.77 percent up to $1.35, Bitcoin Cash by 22.35 percent to $1,900. The volume of the cryptocurrencies market decreased 13 percent to $568.9 billion.
Cryptocurrency meltdown continues as overheated market cools down https://t.co/ciB2cJevxQ Bitcoin was trading at more than 13 percent down at $11,957 per token. Ethereum plunged 18 percent, ripple crashed 24 percent, while bitcoin cash plummeted 23 percent. Market capitalizatio… pic.twitter.com/jMZD63Wt1C— CryptoCoin Cache (@CryptocoinCache) January 16, 2018
On Monday, media reported that the Chinese authorities would block platforms for cryptocurrencies trading. Other reports indicated the South Korean Justice Ministry's plans to ban operations with cryptocurrencies in the country. On Monday, German Central Bank's head Joachim Wuermeling called for introduction of global regulation of cryptocurrencies use.